The remisiers in the stock broking industry are thrilled by the recommendations of Lim Chong Yah’s shock therapy. Those remisiers earning less than $1,500 pm can look forward to a 50% increment in their income in three years time. That should make them quite comfortable to buy a 2 rm HDB flat with money to spare. It is like a timely intervention from heaven to this dying trade. For the time being they can shelf their plans to become taxi drivers. Just wondering if they will try to upgrade the skills of taxi drivers, or improve their knowledge in driving and be tested on driving buses, coaches and lorries, or even cranes.
Another good thing is that the remisiers can think of submitting their claims to the Skills Development Fund for upgrading courses, for course fees and examination fees. The first batch of remisiers taking the Module 6A are busily calling the SDF to enquire on their applications.
Remisiers cannot ask for more with additional training and upgrading of their skills. They will be better equipped to engage in more sophisticated products with the new knowledge they have acquired. Or they can become FTs in other countries that need their sophisticated skills.
Though it is not sure how the 50% increment will apply to remisiers whose income is from commission and not salary, it is still something to hope for, to look forward to. The only thing that they may be worried about is the possibility of more reductions in commission due to competition and lowering of business cost. If that were to happen, after 3 years and 50% increment, they may still end up making $1,500 or less.
And they have no control over the commission rate as it is now freely negotiable and freely cut when necessary to beat the competition.
Fear not, there is hope for a better tomorrow. Every remisier can still become another Peter Lim. But don’t bet on it that commission rate will be raised or business will pick up with the machine taking over.