Complaint Against Unfair Unemployment Practices at Swiss Italian Private Bank
Dear Acting Minister,
It has been almost a month since our email dated 22 Feb 2013 was sent to your kind self. And it's extremely disappointing that we have not heard from you nor your ministry to date.
We sincerely hope you are not merely paying lip service to your own pledge in Nov 2011 to ensure that Singaporeans remain the core of our workforce in companies operating here.
Being accountable for what you have said, we would like to highlight the unfair unemployment practices against Singaporeans at a Swiss Italian private bank XXX Bank. We would like to know what actions are you or your ministry going to take to rectify the situation.
1) Until the middle of last year, almost all the Heads of Department/Section in the bank’s Wealth Management Department consist of foreign Indians:
Head of WMS (Malaysian Indian)
Head of Active Advisory (India Indian)
Head of Strategic Advisory (UK Indian)
Head of Investment Strategy (India Indian)
Head of Structured Product (India Indian)
It was only in May 2012 that a local was engaged by the bank as Head of Product Strategy. And that was the result of an unfortunate event further elaborated below.
Where is the hiring and developing of a Singaporean Core the TAFEP and the government have been advocating all this time?
2) Sometime in late 2011, an anonymous complaint letter against one of the India Indians was sent to the Monetary Authority of Singapore.
Instead of launching an investigation into the India indian, the bank shockingly chose to cover up for the latter and terminated the services of 2 Singaporeans. They then created the Product Strategy to take over some of the major responsibilities held by the India Indian in an effort to minimise the damage done.
Prior to that, the Singaporean Head of WMS was forced to step down after he openly questioned the competency of the same India Indian. The Deputy CEO, another India Indian, also reduced the Singaporean's responsibilities and remuneration, and this led to his resignation.
In all, it's disheartening that 3 Singaporeans lost their jobs simply because the management chose to shield one of their own kind.
Where is the protection afforded to Singaporeans against biased senior management who use unfair hiring/firing to favour their own countrymen in this case?
3) The bank has a discriminatory hiring practice, using every opportunity to recruit foreign Indians, whenever possible, for positions within the WMS department. It is not hard to understand why, given that the Deputy CEO is an India Indian.
Some examples: In Nov 2010, the bank went all the way out to recruit an India Indian for the position of Investment Analyst in the department.
Sometime in Mar 2011, another India Indian was also employed by the bank as an Advisory Associate in the same department when all these low level positions could have easily been filled by local Singaporeans.
Even the department’s risk manager is a new Singapore citizen who was previously an India Indian.
In fact, almost half the interns in the department during 2010 and 2011 are foreign Indians. Furthermore, if you exclude the investment advisors reporting to XXX HK (but based in Singapore), more than half the advisors ranked AVP and above in the department are foreign Indians too. This is clearly unacceptable.
We completely agree with Mr. Brenton Ong's letter to the ST Forum dated 28 Feb 2013 that many Singaporeans are unhappy with the "liberal recruitment of foreign professionals, managers and executives". In fact, almost 9 out of 10 Singaporeans now support curbs on foreign workers, especially PMETs.
In a ST article dated 25 Jan 2013, the Prime Minister was quoted as saying the PAP government is on the side of Singaporeans. Is it really true... then why are there so many foreigners performing jobs that can be easily filled by locals?
And in many cases, the foreign talent are not as "talented" as what the government paints them to be. They are simply here at the expense of Singaporeans, taking advantage of the government's lax pro foreigner policies.
As such, the PAP government especially the Ministry of Manpower must be held fully accountable (to what they have said) by investigating and penalizing firms with discriminatory employment practices and hiring/firing policies. Otherwise, we should vote for somebody else who can protect Singaporeans' jobs. Thank you.
The above letter is posted in TRE and CNA forum. I copied from the latter.
63 comments:
The lower sector of pay is pressure by the foreigners they are from cheaper third world and out of jobs to come to Singapore, they borrow to come and desparate for jobs.
If their high pay is lower to the level of the Norway, Switzerland and New Zealand ministers' pay, they had no incentives to massive import foreigners, they are likely to concentrate on locals, why are all other countries don't import so much foreigners and kept giving all sorts of excuses and reasons, to import foreigners, to pressurize the local pays, what do you think?
Who is stopping voters from voting other political parties other than the Peoples Action Party?
Whoever does that shud be charged.
Singapore sold to India already!
If they pay is high they need more foreign workers to support their pay, all the local workers know they can't complete with foreign workers, because they come from third countries, their countries back there is much lower cost and can work longer, sent money back to buy bangalow, so to lower their pay to the range of $150k is reasons most advanced countries pay minister is around that range, we are not even talking about foreigner complete with locals in their salaries if they compare the pay of the third world countries ministers pay, we are talking about normalise their pay so that they put more effort in developing the local which is fair enough?
The cat is out of the bag. Now there is no way to put it back. The Govt will have to answer to this or it will be in big trouble comes the GE.
All these years, they kept talking of faster GDP grow, why the lower sector of the societies, their real wages grow is actually negative taking into account of inflation, what had faster GDP grow has to do with the lower section of the workers or generally the workers of Singapore?
Our manager class is problematic also. They have supported FT policy and has manipulated young Singaporeans.
Only until they see their sons got bullied or when they themselves got kick out, then they repent. But it is too late. Our fathers are ugly China man and they still are.
Call it Karma.
But there is gleam of hope. The young Singaporeans hate the manager class. Many young Singaporeans hate FT. We now support one another instead of backstabbing.
We got to wait until the post 1965 to fully take over power, we will see change. Many of these people hate LKY. The pre 1965 support LKY and FT policy.
Con job, nothing else. You think PAP did not see all these? They have grassroot leaders every where. Do you think all ministers and grassroot leaders are sleeping (hope not together)? No, they just want to meet KPI, a dirty word to screw others. No love lost for low end citizens struggling to make ends meet. Its their ministry earning that is important. After all, they need to recoup the loss of salary as a result of the latest salary revision. Phui
Let's spell it out clearly for the PAPigs before GE 2016.
If Singapore economy do well, but Singaporeans don't do well,
We will vote Opposition.
Our KPI is whether Singaporeans do well.
We don't care if economy does well or not.
Do the right thing come 2016. Do not trust the MIWs anymore for they have scr**ed us enough. Vote them back and you and your children will get more of the same shit.
Why do these banks employ foreigners? The reason is these foreigners can take a lot of risk (including acting in bad faith) cos they can take cover in their home country if something went very wrong. Many banks collapsed cos of unusual high risk taking activities.
Never before sinkies are so united maybe because they all have a common enemy - PAP.
Is PAP the anti-Singaporean party?
More advanced countries with their ministers' pay around $150K, because their ministers don't come to serve because of pay, a reasonable amount of pay is quite enough, they don't look for outside cheap foreigners for jobs to maximise the profits to pay themselves, so as to depress or take away locals jobs, their ministers is mindful of local losing their jobs to cheaper foreigners and causes serious problems and poverty, so strict criteria to admit foreigners to jobs. Their standard of living is high because of more space and not overcrowding, most of their workers don't need to worry their job taken away by foreigners, most of the jobs were taken by local which shunned by foreigners because the pay is resonably good, we are not talking of paying them ministers type of pays, so their birthrate are high, and their retrench benefits are good, with good work life balance, their health care are heavily subsidise and their old age can retire in comfort, not like Singapore many old age got to be cleaners, pick cans & cardboard to eke out a living?
Maybe if more people become cleaners, pick cans & cardboards, sell tissues will make the ruling party feel embarrassed and put in policies to improve their lives? Perhaps we should have a nation wide sell tissues day to help the elderly to foreigners?
Perhaps the best way to shame the ruling party is to make our young and old behave like beggars?
Redbean
Wealth Management means one thing and one thing only, persuade the rich to park their millions and
billions in your bank.
If you cannot do it, the whole bank will close their branch within certain number (usually max 3 years).
As there is no age to how long the bank is established, it would be more helpful to see the situation.
Looks like the bank wanted to concentrate on Indian market.
Observe that no complaints on IT department or back office departments hopefully the whistleblower can elaborate on that
and if endemic, well suspend the work passes asap for the firm, but if just wealth management, there may be no jobs at the bank soon anyway.
This is not retail banking like Citibank or HSBC or Standard Chartered
The private wealth management/investment banks in Europe/USA are going thru a consolidation anyway, there will more job cuts in the future.
So maybe this will be closed and they can move to Mauritius or Maldives than.
Wealth Management means one thing and one thing only, persuade the rich to park their millions and
billions in your bank.
For wealth mangement to focus on Indian market, just get a few Brahmins as private bankers will do. Right now its like the whole middle to back office are teemed with FT Indians.
For bank IT, go Citibank CBP tomorrow and see for yourselves.
Perhaps the ministers pay are too high compare to the ministers from Finland, Sweden, Switzerland or New Zealand etc, should their pay maybe slowly reduce in a few years times so that to alleviate many of these problems, which Singapore have, that didn’t appear in the various countries mentioned above?
All these above countries able to govern with around $150k per annum which is very reasonable, given if they able to govern with these amount our leaders should be able to govern with this amount, if the able to live well and govern well, with this amount why not our ministers?
Now Singapore with high cost of living, low birth rate, deteriorating living standard due to overcrowding & old age problems, older workers unable to find jobs leaving on hands to mouth, debt ridden, with many living in debt, with many credit companies sprung up, casinos with many broken families, vices, high rental, COE, ERP, GST and Levies & locked up of CPF etc., inflation, many foreigners taken away Singaporean jobs, high wages gaps etc?
Should the ministers automatically, themselves reduce their own pay, after realising so much problems possibly causes by their enormous high pay compare to the above advanced countries the ten times the amounts?
KBW building more cheap rental flats possibly prepare more Singaporean became poor due to lost of jobs to foreigners and need more low cost rental flats, is it 100K which like the Hong Kongers?
Veritas
I am referring to this particular case.
You seem to think it is so easy to get people to park money.
If it was, you should be more than a multi millionaire from the bonuses to be paid
For CITIBANK CBP, well, there should be more than sufficient whistlelowers.
Anyway, the jobs may not stay there as those jobs may go to India or Phillipines anyway due to further cosr cutting measures.
Not sure whether you will feel happy or not?
Vote opposition or emigrate. This system is broken beyond repair. We cannot continue to pay those ministers who screwed up in their jobs.
I am referring to this particular case.
You seem to think it is so easy to get people to park money.
If it was, you should be more than a multi millionaire from the bonuses to be paid
Fair enough. If I am a Chinese, I will feel comfortable if everyone in my private banks are staff by my own tribe.
Why must we be in the business of usury? Short sight of gahmen? This business has very bad karma and caused many deaths.
Veritas
If you can persuade the multimillionaire Overseas Chinese families to park their wealth in the bank, Any of this private banks will gladly appoint you a Head of Department, and you can hire as many staff as you like of whatever race/colour/ideology/sex etc as you want as long as you bring the funds and generate the mega bucks profit
If you have such influence, well intros can be done
For CITIBANK CBP, well, there should be more than sufficient whistlelowers.
Anyway, the jobs may not stay there as those jobs may go to India or Phillipines anyway due to further cosr cutting measures.
Its better for jobs to land elsewhere, than to import racism here.
For me its better all banks move out of SG. If we look at Israel, the Jews are the best bankers in the world. But Israel is not developing finance. Israel goes for high tech.
Don you think its fishy. The Jews being bankers themselves knows how much banks screwed people. Jews run banks on gentile land. And Israel is to be kept as pure as possible.
Singaporeans are clever. We have made it in the past. We are hardworking. I do not think we will starve.
Right now, our impotency is due to PAP's bad policy. We are divided by PAP. Our talents are not given opportunites. Thats y we failed now.
If you can persuade the multimillionaire Overseas Chinese families to park their wealth in the bank, Any of this private banks will gladly appoint you a Head of Department, and you can hire as many staff as you like of whatever race/colour/ideology/sex etc as you want as long as you bring the funds and generate the mega bucks profit
Only pervert are in this business. If these monies can see daylight, they would be park in local banks.
We are dealing with corruptions, and even bloody monies.
Veritas is peasants. Definitely I do not have such influence.
Veritas
I thought the main idea is to get Singaporeans the jobs in their best capacity and give them more options.
Considering that Singapore has no resource other than its own.
Israel did not fully develop the banking industry for 1 simple reason, no Arabs can be seen to park their money there.
Further, no sane rich person wants to park their money in a place where surrounding countries are willing to possibly annilihate them.
But you must be joking, some of the most exclusive wealth banks were started in Israel.
Veritas
Considering that a significant number of Taiwanese/Korean/Japanese entrepeneurs or even Aussiess in such private banks here ,are you saying their hard earned monies are illegal?
Israel did not fully develop the banking industry for 1 simple reason, no Arabs can be seen to park their money there.
Further, no sane rich person wants to park their money in a place where surrounding countries are willing to possibly annilihate them.
In this world, monies are electronics, back up by real asset somewhere. The Jews can easily move lots of financial services to Israel, making it a center for speculating real assets and derivative elsewhere.
Even when there is a world, all monies park in Israel can be wired next second to any corners of planet.
We know today the troubled Cyprus has huge banking sector. And technically Cyprus still have lots of hostilities and territorial issues with Northern Cyprus.
I agree there are some boutique financial firms from Israel. But that can only make me more angry. Why? In everywhere on earth other than SG, citizens are allow to set up banks.
Here Kuan Yew banned us from opening bank. Our talent are force to be white collar workers for MNC banks, helping people to earn monies.
I am seeing boutique Swiss bank open shop here. Our Hong Leong Finance still cannot get banking license. (Correct me if I am wrong, I admit I have not did great research into Hong Leong status)
Considering that a significant number of Taiwanese/Korean/Japanese entrepeneurs or even Aussiess in such private banks here ,are you saying their hard earned monies are illegal?
Don tell me you are not aware we are a marked man for being a money laundering center and tax haven.
Veritas
A query are you a fan of Mussolini, Mao, Hitler, Sukarno?
Based on your remarks, do you prefer that Singaporeans be jobless rather than have the banking industry here
A query are you a fan of Mussolini, Mao, Hitler, Sukarno?
Based on your remarks, do you prefer that Singaporeans be jobless rather than have the banking industry here
Just answer me this question. Why we allow boutique Swiss bank to open shop but Singaporeans are banned from opening a bank?
Switzerland has 3000 banks.
I see the whole system as rotten. Long time ago, PAP already discriminate Singaporeans big time. PAP sucks up foreigners.
And in 10 years time, we may not be even working for banks. We will be kicked out by FT Indians. We will work as shit collectors and prostitute.
Veritas
Please relook at the number of PE and Asset Management firms.
Different names/different strokes
If you are in the financial industry, you would be well aware of such
Veritas
Singaporeans are not barred.
Just whether they want to put up the capital and scrutiny.
If you have more than enough cash,, you are most probably able to create something similiar, just that they are called merchant banks and can only handle HNW individuals or HNW corporates. Singapore use to have quite a number but some close shop due to not enough funds park etc
You should be very familiar as you seem to able to state as such.
Please relook at the number of PE and Asset Management firms.
Different names/different strokes
If you are in the financial industry, you would be well aware of such
Asset management is asset management. PE is PE. Banking license has other feature, most notably monies creation.
Fair enough, PE and hedge funds are creating "funny monies" now through all their funny derivative.
Anyway, I admit I am not an insider of financial industries here. If you are a veteran, you will have more proxy info.
Nevertheless, base on my research, I still consider extremely harmful and unjust to participate in fractional reserve banking system, monies laundering and tax evasion.
It hurt us.
Veritas
The only bank allowed to create monies is MAS.
All others just take deposits and utilise deposits in creative ways.
You can still make your millions thru such means, you just need the capital.
Just look at the Banking act
The only bank allowed to create monies is MAS.
All others just take deposits and utilise deposits in creative ways.
You can still make your millions thru such means, you just need the capital.
Just look at the Banking act
Please study econs 101. MAS creates base monies ONLY. Banks create M2 and above.
Are you working in financial institution? If you are, I feel really sorry. You should study hard.
http://en.wikipedia.org/wiki/Money_creation
@Veritas,
I agree with you. Banking should be kept very simple. Unfortunately, banking (aka insurance companies, pension funds company, wealth management etc) today is very complicated. There is certain truth that WW2 was the result of the great depression. How many people sacrificed during ww2? How many families destroyed? How much sorrows, hatred, evil created? Usury is a very dangerous business.
Why cant we make money using honest means? WHy must we be a money parking place for people who make their money thru drugs, gambling, prostitution, human trafficking?
Veritas
You should study economic history and the velocity of money rather than just quote M1 and M2.
There is also such a thing as M3,
Anyway, guess my queries will be not be answered
Que sera sera
You should study economic history and the velocity of money rather than just quote M1 and M2.
There is also such a thing as M3,
Anyway, guess my queries will be not be answered
You think I don know velocity of monies and M3?
I have read monetarist Milton Friedman, and several of his works in original.
I have read and attempted to read part of Irving Fisher.
Today's bankers are all crooks. They are paying themselves crazy and honest means of earning interests cannot support their big appetite. So they resort to all kinds of dubious and criminal activities and gambling big time with derivatives.
Cut down the pay of the bankers and make them toe the line and do legitimate slow and steady biz.
We have provided one of the safest banking environment in the world. The rich are smart and would not risk parking their money in bandit countries.
The issue of discrimination of employment against Singapore has nothing to do with banking. Singapore must get rid of biz, including big banks, for victimising Singaporeans.
The good banks will be begging to be located here and be given a licence to operate. The idiots running this country did not know the real value they have created for high finance and the super rich to want to be here and behave so silly to allow assholes to ill treat its citizens.
They have nothing between their ears I supposed. When you have created value, there is no need to fear biz running away. Those that want to go are not worth keeping.
What ? Daft mortals still want to pursue these unemployment and injustice as a result of policies by the pap instead of moving on ? Seems like sex news still do not distract the lesser mortals, and government must devote extraordinary effort and time to publish more sex saga of civil servant corruption with juicy details and headline to front the ShittyTimes to divert attention of lesser mortals.
What do you think ?
The difference is so wide because there are 100k of low wages workers for the past ten year living below the negative grow of their income, after inflation, after overflowing of foreign workers?
And the wage gaps will be grow wider if more foreigners will come to take away Singaporean jobs?
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Dear Sinkies
It's useless to debate with PAPig asshole lickers like theonion.
I repeat. GE 2016.
If Singapore economy do well, but Singaporeans don't do well,
We vote Opposition.
Our KPI is whether Singaporeans do well.
We don't care if economy does well or not.
I'm so distrustful of the PAPigs, I'll probably vote Opposition anyway.
The only permanent way ensure that Singaporeans do well is to vote in a large numeber of Opposition MPs.
http://www.tremeritus.com/2013/03/20/discriminatory-hirings-against-sgs-we-need-more-whistleblowers/
Normally most countries will allow only around 10 percents of new immigrants into their countries, Singapore allow more then 50 new immigrants to the country, you will slowly see the effect of it?
Most countries allow only around 10 percents of the new immigrants into their populations, Singapore allowed more then 50 percents of its population?
http://www.tremeritus.com/2013/03/20/s%E2%80%99poreans-vs-pap-from-keyboard-warriors-to-real-heroes/
$ingap0re boosting to foreigners, that singapore has among the highest GNP best airport, best seaport etc, behind all these success the heavy price of its citizen got to pay, one wonder how it calculate it, maybe they took all the ministers average income, which is ten time of the advanced nations ministers income, the income to calculate it.
Behind this figure you see many low income workers maybe up to 100,000 or more, many can't get out of their poverty cycle and stay in one room rented HDB flats, their income below $1000 or around $800, many of the usually old retrenched and sick, can't find a job work in part time agents in properties and insurances, some are cleaners, some on social welfare, some collect cardboard, sell tissues papers, some collect cans, some sleep in the street which they came out late at night or beach at night after losting their houses, most of them their job likely to be taken by cheaper foreigners, unable find a job some borrow to survive you see the uniquely singapore - owe money pay money sign (O$P$) with beautiful artworks splash beside it?
And broken families, low birthrate causes by heavy influx of foreigners, no retirement for some work until they died? And they going to increase the population to aggravate it, instead of concentrating on improving the local population?
Many credit companies sprang up quickly because of the casinos or jobs lost to cheaper foreigners, Singapore kept present it good side to the foreigners, if they go to Orchard road at midnight they will see the real Singapore. Singapore is in heavy shortage of cheap one room rental flats need at least 60K, if more cheap foreign workers and immigrants to take over Singaporean jobs, more of these will likely to be like the cages like which Hong Kongers who lost their jobs living in?
Now more and more younger populations are aware of Singaporean facing, with most of them had hand held internet devices, gone are the days many are less educated and rely on the govt own MSN?
With recent PE Elections from plus 55 percent dropped to 43 percents is the strongest messages, and the huge turnout in the recent Hong Lim Park possible up to 7K, due to some left earlier because of rain and not enough space to stand, that Singapore is too overcrowded and going to serious uncharted water with no resources at all, yet pay its ministers 10 ten times the equivalent amount of the some advanced countries nations ministers pay? More things need to changed in the future?
MM LEE yesterday mentioned that USA also import new immigrants. Their economy expends with arrival of so many new citizens. True, immigrants did bring in lots of economic progress to US but what is the percentage involved. Don't tell a story that is half truth. They import less than 10% but we import almost 50% of our population. Is it fair to compare? Is economic more important than Singapore identity? He also cited Japan. But Japan is a homogeneous society where non Japanese as the minority race. How to compare?
What Singaporeans are complaining is not about PAP's policy to bring in more new immigrants. We are unhappy because of the number involved and the quality of these people.
No government should ever be "obliged" to answer such an openly hate-filled letter.
>> it's extremely disappointing that we have not heard from you nor your ministry to date.
Gee, I wonder why that is? ;-)
>> Swiss Italian private bank XXX Bank.
See the word: PRIVATE. It means "private property", which means "none of your business".
If the operations are conducted lawfully, the government has no cause to interfere with PRIVATE ENTERPRISE
Got Karl Marx t-shirt?
The multi racial mix of the USA is an accident in history, an anomaly. So is the multi racial societies in SE Asia. The US and countries like Australia were robbed from the natives, unnatural. But they managed to retain some order by having a European majority.
In the long run, homogenous countries will do better as country and nation. This crap about multi racial societies is something that we inherited and are trying to make the best out of it. We are like a little USA. But our situation is more precarious as we are too small to withstand a big racial turmoil.
Japan, China, India and some European countries wlll do better as they are more homogenous and this has inherent strength.
Matilah still believes in his nonsense about borderless world and international citizens and communities. Such compositions are subject to many stresses within the societies. The human specie or human nature is by nature selfish and tribal. When things are manageable, when goods and the good life are aplenty, life goes on. But when there is high competition of scarce material, the evil and selfish human nature will surface.
Don't ignore the clash of civilisaion.
redbean:
>> The multi racial mix of the USA is an accident in history, an anomaly.
No it is not an anomaly. Humans are a nomadic species: we go where we think the life might be better for us. This is biological -- you can't change it.
>>
Matilah still believes in his nonsense about borderless world and international citizens and communities.
It is not nonsense, because there is plenty of evidence right in front of your eyes to support the case.
The world now is about close to borderless as it has been post WW2/ Cold War. Goods, labour and capital pretty much cross borders without much trouble. It is normal day-to-day business. The most faraway cuntree is only as far as a cab ride to the nearest airport.
Business people and cultural entrepreneurs get on thousands of aircraft every minute of everyday. International communities range from internet based social networks to large NGO's, multinationals, etc. Even families, are spread out globally.
You living in the past or what? Or just trying to be funny simply to win an argument?
>> Don't ignore the clash of civilisaion.
Ignore it? Fuck man, I PRAY for it :-))
Please lah. I would have thought you're better than that. Obviously I'm mistaken. ;-)
@Matilah - the world is only borderless for those with deep pockets. Foreigners with deep pockets are also welcomed in sinkyland but not those without substance.
uncle sham
*u r either with us, or against us*
fukus doesnt entertain the idea of *neutrality*
to be *with u.s.*
one must *open wide* to allow *unrestricted intrusion* by fukus n its co·ter·ies
this is the much vaunted *globalisation* mantra
does this rings a bell ?
*Bowing to US pressure, Myanmar’s government began in the last few years to sell off government buildings, its port facilities,
its national airline, mines, farmland, the country’s fuel distribution network, and soft drink, cigarette and bicycle factories. The doors to the country’s publicly-owned health care and education systems were thrown open, and private investors were invited in. A new law was drawn up to give more independence to the central bank, making it answerable to its own inflation control targets, rather than directly to the government.
To top it all off, a foreign-investment law was drafted to allow foreigners to control local companies and land, permit the entry of foreign telecom companies and foreign banks, allow 100 percent repatriation of profits, and exempt foreign investors from paying taxes for up to five years. What’s more, foreign enterprises would be allowed to import skilled workers, and wouldn’t be required to hire locally*
but sg's case is extraordinary
for reasons best known to itself, pap seems to have gone even
further than the *globalisation* mantra ,its policy amounts to
facilitating wholesale take over by foreigners.
increasingly, ft would be buying up sg land n properites, hoarding
all upper echelon positions in many vital fields.while sinkies are relegated to filling up lower ranks n menial duties. soon to be
second class citizens n even a minority in their own country.
With this figure you see many low income workers, can't get out of their poverty cycle and stay in their position in the society.
economic depression
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