On this Labor Day, while the PM
attempt to milk some good PR for himself, the stark reality facing
Singaporeans are cleverly disguised by glowing reports in the state
controlled print and broadcast media - which attempt to present the
stark reality in softer ways.
Channel NewsAsia
Employment rises by 48,000 in
January-March quarter: MOM
Posted: 30 April 2007 1036 hrs
Job growth in Singapore in the first quarter of this year continues
to be strong on the back of healthy economic growth.
Latest figures from the Manpower Ministry show that 48,000 jobs
were added to the economy between January and March this
year.
The unemployment rate during the quarter stood at 2.9 percent as
more people entered the labour force.
Singapore's trade-driven economy grew at an annualised rate of 7.2
percent in the first quarter, slowing from the 7.9 percent pace of
the fourth quarter, advance data showed.
The Manpower Ministry said all major sectors added workers and
leading the pack was the services industry with 33,400
workers.
The employment in the construction industry also picked up, with
its workforce increasing by 5,000. - CNA/ch
The unemployment rate up till
end-2006 was at 2.5 percent, and if jobs are a plenty, why will
there be a sudden spike of 0.4 percent to bring the current
unemployment rate to 2.9 percent ?
New retrenchments go unreported, as more factories downsize and
relocate operations.
Straits
Times - 1 May 2007
Job growth spurs more Singapore
residents to seek work
THE strong economy has prompted more Singapore residents to join
the queue of workers looking for jobs.
Glowing reports of jobs aplenty, and
the PM's optimism of high paying jobs for Singaporeans will not
make it happen, as Singaporeans compete against foreigners for the
same jobs in the Open Job Market.
With new entrants into the labor force - from foreign source as
well as from the annual granduands from the Universities,
Polytechnics, ITEs and schools - those in their 40s to late 50s
will find it even harder to look for work since their retrenchment
in 2002.
A separate report in Channel NewsAsia stated that
'SMEs hurt by high
rentals' - any of those in the mid-40s and late 50s
that have started their own business to support themselves in their
remaining years will find themselves caught in a double
whammy.
Can the entrepreneurial spirit of the SMEs be further dampened by
the PM's optimism of higher wages for Singaporean workers, even as
their rentals are slowly killing them ?
From Channel NewsAsia
SMEs affected by high
rents
By Chow Penn Nee, Channel NewsAsia | Posted: 30
April 2007 1915 hrs
SINGAPORE: The booming property market is eating into the margins
of small- and medium-sized businesses in Singapore.
Skyrocketing rents are squeezing their bottom lines and there has
been a move away from the city area so as to manage the growing
costs.
URA numbers showed that for the whole of last year, prices of
office space increased by 17 percent while rentals rose by more
than 30 percent.
A growing number of properties have also been spun off into REITs -
or bought over by these trusts - and their rentals have also been
heading north.
Kurt Wee, Association of Small-Medium Enterprises' Vice-President
for Awards & Projects, said: "Larger and larger proportion of
properties in Singapore are being owned more and more by REITs, and
REITs actually have a performance factor in their revenue and they
have been increasing rentals as well."
Market watchers say that businesses are moving out to the outskirts
to manage their rental costs or shifting back-room operations to
remote locations.
Philip Overmyer, Executive Director of Singapore International
Chamber of Commerce, said: "This creates a big problem with
employees. The people that they've employed downtown find it
difficult to get out to remote locations, so it becomes (an)
employment problem which creates a competitive problem at the same
time."
Apart from operating costs, businesses are also finding it more
difficult to attract foreign talent due to the increase in rentals
for homes.
With the supply of prime grade office space expected to lag behind
demand over the next few years, industry watchers say rising
rentals will continue to put pressure on local businesses. -
CNA/ir
Taking into consideration all the
events as reported, and viewing them without the tinted glasses, is
there cause for optimism or serious concerns ?
