Lim Chong Yah’s shock therapy timely

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.


Anonymous said...

I really enjoyed reading your article which I find it situationally factual and hilarious.
Maybe you would like to talk about our financial center whose stock market daily volume records 3 billion trades and most heavily traded shares can be bought for as low as S$0.007cents a piece

Chua Chin Leng aka redbean said...

When the Americans said big is good, so we went big is good. From several banks to 3 and some even want to reduce it to 2. The Americans are caught in their too big to fail fix, and their two balls are hanging there, cannot be dislodged. The Chinese also know this problem and wanting to break down their big banks.

The Americans sell all kinds of toilet papers and we bought them. The Americans allowed their financial crooks to devise all kinds of schemes to enrich themselves and rob their investors, actually licensing them to kill.

The latest, allowing machines to trade against small investors. And we also went in. Basically, the Americans say eat shit we will eat happily.

The stock market is destroyed by all the derivatives and machines. Investors are not buying stocks but worthless papers. Derivatives killed stocks and warrants.

It is like paying to make love to animated characters and forget that there are real beans that they can make love to. Marrying fictitious online characters and ignore the real wives and lovers.

Machines kill traders and investors. It is simply a mismatch and a crime.

Anonymous said...

Lim Chong Yah's proposal will not happen.

The merits of his proposal is not relevant.

Our leaders no longer have the balls for any radical action unless it's been blessed by the Harvard Business School and endorsed by a Committee of Inquiry of 100 expert witness.

When we elect managers and administrators this is what you get.
Problems are never solved.
They are just managed and administered until they are passed over to the next manager-administrator.
i.e. the much vaunted 4G leadership.

Besides opening up our hands and legs and wallets to this next 4G leadership, I'd suggest we also better open up our eyes and minds to alternative leaders and political parties.

Anonymous said...

Why is the professor getting so much attention from bloggers?
The idea of minimum wage was floated by others sometimes back, those folks did not received similar adoration.
Why did an expert appointed to oversee national pay structure for decades, took so long to notice problem in his field of specialization only now. Or why did he not come out earlier than others to say what he doing now?

Anonymous said...

Yes, why did the man appointed to formulate our national wage structure didn't support or elaborate on the minimum wage initiative suggested by others just a year or less ago?

Chua Chin Leng aka redbean said...

The thriving stock broking industry that supports a about 10,000 workers is at a point of meeting its ends all because of the adoption of the Wall Street model of trading.

It is a matter of time before 50% of the staff in the industry calls it a day. And all the jokers still did not see anything wrong and wanting to be a major world player when nothing really works.

It will end up with a few funds playing with each other with their machines in a grave yard.