Mindshare, a global media and marketing services company, conducted an anonymous survey involving over 2000 respondents early this year to find out about Singaporeans’ confidence in the future of Singapore.
The results have not been too optimistic
In the survey:
• 65% said they don’t think they will be able to retire comfortably in Singapore
• 72% feel that the medical costs are getting too high
- Singapore govt only pays US$825 out of the average US$2,273 (i.e, 36.3%) health spending per person, making it the most stingy govt among the first world economies. Hence, Singapore’s private spending on healthcare as a percentage of total health spending is the highest among the first world economies at 63.7% (‘PM: Raise individual’s Medisave contributions to cope with healthcare costs‘).
• 73% think that public housing prices are getting out of control
- The HDB Resale Price Index (RPI) rose two percent to a new record high of 197.9, according to HDB’s flash estimates for the 3Q of 2012 (‘HDB resale prices hit all-time high‘).
• 75% said they should not be spending their entire working life paying off their housing loans
- E.g. if a couple take a 35 year loan at 30 years old, they will only be able to pay off their mortgage right at retirement age of 65, thereby working their entire life to pay off their housing loan.
• 62% believe that Singapore leaders are paid too much these days
- It’s not just our political leaders are the most highly paid in the world even after their so-called ‘pay cuts’ following GE 2011, our civil servants are also paid very highly. For example, the salary of the ex-permanent secretary in the French cooking saga is more than the U.S. President Obama’s (‘Perm Sec who went to France to learn cooking retires as millionaire‘).
• 69% think too many foreign workers are taking up job opportunities in Singapore today
- To make things worse, some of the foreign managers are currently hiring their own kinds, directly discriminating Singaporeans.
• 73% said Singaporeans should be granted priority in employment
- Singaporeans in Singapore today are not granted any priority in employment. It is very possible for a company in Singapore to employ 100% foreigners to work in the company since there is no quota limit for employment pass holders.
- In other countries, they have labour laws to protect their citizens and put the interest of their citizens first. For example, in the U.S., employers must “attest” to protect U.S. workers [Link] so as to ensure that foreign workers do not displace or adversely affect wages or working conditions of U.S. workers. Failure to do so will render the employer liable.