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yes, cannibalization is a way to save cost and preserve assets, round the world.
agreed, observed and heard, local lower level or non professional workers, be it old or young, are facing difficulties in hunting jobs, as cheap and hardworking foreign workers are flocking in.
on the other hand Towers Perrin's survey shown that Sporean professionals go for good pay but yet they don't stay long on the place, their hobby is job hopping. Yesterday BT comments.
Depending on your age group and industrial sector, we have different destiny. Giving the fact of overwhelming foreign workers, illegal workers and "tourist" workers landed in Singapore, when economy downsize, lower level "they" will cannibalize most lower and middle level jobs. Leaving many older employee and more expensive employee out of job. With the inflation and new CPF rules, the standard of living of many Singaporean will be greatly affected. To be constructive, how can we generate higher paid job? Rather to create mass low wages employment?
We do have to admit that before, general prices here are actually pretty low in comparison to our standard of living. Then when food prices starts to go up a bit, it triggers a domino effect. However, petrol prices is going up way too much too fast!
AK think, citizens here are fully confident on the current Pay And Pay policies makers. The huge service sectors to come into reality, ie F1, IR, Youth Olympics, Biomed Hub, Air Aviation Hub etc will damp the potential inflation in the country.
I hope the the inflation level is temporary and that it will drop when oil price drops.
If it doesn't, there will always be a chance that interest rates will be raised. This will not be good for the stock markets.
7.5 % inflation, seems like don't hv much impact on those on the street leh? still happy and smiling faces.
ha ha, as far as BN CO at home don't request for extra mthly expenditure, AK deems no inflation at home liao. Really almost everything up in cost in the kopi tiam and wet market. Now, eggs going to go up loh.
jangan tension, good days will come soon.
SINGAPORE'S June inflation held at 7.5 per cent, below expectations but still hovering at a 26-year high, on a rise in housing and food costs.
From the previous month, the consumer price index rose 0.4 per cent after seasonal adjustments, the Department of Statistics said in a statement on Wednesday.
Thirteen economists in a Reuters poll had forecast that the data would show that annual inflation rose to 8 per cent - the highest level since February 1982 when inflation hit 9 per cent.
On a three-month moving average, the CPI rose by 0.4 per cent in June - slightly lower than May.
Compared to a year ago, inflation was 7.5 per cent due higher primarily to higher costs of food, housing and transport and communication.
Food prices rose by 9.2 per cent as a result of dearer cooked food, rice & other cereals, milk products, cooking oils, seafood, fresh poultry and vegetables.
Housing costs increased by 13.4 per cent because of higher accommodation costs and electricity tariffs.
With dearer petrol and higher taxi fares more than offsetting lower car prices and road tax, costs of transport and communication rose by 5.1 per cent.
Healthcare costs rose by 5.8 per cent because of increases in hospitalisation fees, charges for medical consultation and specialist services, and more expensive Chinese herbs.
Excluding accommodation costs, the consumer price index rose by 6.5 per cent in June against a year ago.
The consumer price index for the first half year was 7.1 per cent higher compared with the same period last year.
Compared to May, housing costs fell by 1.7 per cent due mainly to lower service and conservancy charges - thanks to the rebates given out by the Government in June.
Prices of clothing and footwear dropped by 3.2 per cent because of cheaper ready-made garments and footwear during the Great Singapore Sale.
The costs of transport and communication also fell by 0.2 per cent due mainly to lower car prices.
In contrast, food prices rose by 0.6 per cent over May because of dearer cooked food, rice and fresh fish. Recreational costs also went up by 0.3 per cent because of more expensive holiday travel.
Excluding accommodation costs, the consumer price index edged up by 0.1 per cent over May 2008.