More Good Years !!!!!!!

[Espire]

Inflation erodes real gains in wages

 

By Zakir Hussain

 

WAGES here have risen by close to 11 per cent, the highest in almost a decade.

But the impact of soaring food and fuel prices meant that for employees in manufacturing, transport and administrative jobs, their real wages - pay minus the effect of inflation - actually fell.

 

The Manpower Ministry's labour market report for the first quarter, released yesterday, is the first set of official figures to show the impact of inflation, at a 26-year high of 6.6 per cent, on the wage increases that workers across different sectors received.

 

And with annual inflation forecast at 6 per cent this year, analysts were not entirely optimistic.

 

National University of Singapore labour economist Park Cheolsung said it is a matter of time before real earnings dip for those in other sectors.

 

The report noted that on average, real earnings grew by 3.6 per cent compared to the same three-month period last year.

 

Workers made $4,316 a month on average this quarter. But after adjusting for inflation, they effectively earned $3,982.

 

This monthly figure is derived from an average of all full-time and part-time CPF members.

 

Rising global prices of food and fuel saw the consumer price index rise by 6.6 per cent in the first three months of this year.

 

The Government rolled out help schemes for the needy and the strong Singapore dollar is helping maintain purchasing power. The National Wages Council also asked firms to give one-off bonuses to help rank-and-file workers cope with inflation.

 

Still, Prime Minister Lee Hsien Loong has said the best way to manage rising prices is to grow the economy so real incomes outpace inflation.

 

But for now, salary consultant Peter Lee is not optimistic real earnings can do so. 'Nobody can control inflation, and most employers cannot adjust wages to fight it,' said the managing consultant of RDS Remuneration Data Specialists.

 

His firm's recent survey of 200 companies showed pay packets were likely to rise by 5 per cent - lower than what prices have risen already by, and below the 6 per cent inflation forecast this year.

 

But for now, the economy is growing, with jobs aplenty.

 

The ministry's report showed a record 73,200 new jobs from January to March. This includes 46,500 in services, 14,500 in construction and 11,800 in manufacturing.

 

But unemployment crept up to 2 per cent in March, from 1.7 per cent in December. Among residents, the rate was 2.9 per cent, up from 2.4 per cent.

 

As for vacancies, there were 38,200 openings in March with more jobs for professionals, managers, executives, technicians, clerical, sales and service staff.

 

Analysts like Dr Park believe unemployment may rise and job growth could slow - a point backed by a Monetary Authority of Singapore survey of economists, who see growth slowing to 4.7 per cent this quarter.

[Silver_blade]

....The ministry's report showed a record 73,200 new jobs new jobs from January to March. This includes 46,500 in services, 14,500 in construction and 11,800 in manufacturing.

 

But unemployment crept up to 2 per cent in March, from 1.7 per cent in December. Among residents, the rate was 2.9 per cent, up from 2.4 per cent....

Does the data mean more locals lost their job than their FT counterpart or more job going to FTs?

[Lebet]

what it means is that singaporeans, local born, are screwed big time.

 

 

the gahment make you happy with big record numbers, use nice words like "crept up", "2% in march)

 

 

then read the next few lines, and wohooo.. near 3 percent unemployment for residents.

very convenient way of putting forth their stats.

[Sabian]

aiyah...

must be jobs that sinkaporeans dun wan so go to FT lor.

 

your gobermen wun lie to you and screw your life up right?

 

after all, 66.6% voted them

Edited June 17, 2008 by Sabian

[Lebet]

we in mcf "love" the gahment.

 

we belong to the 66.6% that voted for them, or could not vote because of walkovers. .

 

really, how many of us got chance to vote in our estate?

[Sleepyman]

Lau Goh: If theres no inflation, I will be worried for Singapore.

[Fcw75]

I never ever had a chance to vote since I turned 21.

[Fcw75]

He didn't finished the sentence lah

 

More Good Years!....................for us only!

[Sabian]

Still, Prime Minister Lee Hsien Loong has said the best way to manage rising prices is to grow the economy so real incomes outpace inflation.

 

now u know whose real incomes he referring to?

[Sabian]

dun worry

 

your goberman sista, aunty lucy love u back...

 

 

Title : 3,000 low-income families enjoy 'cashless' afternoon at Downtown East

By :

Date : 15 June 2008 2112 hrs (SST)

URL : http://www.channelnewsasia.com/stories/sin.../354301/1/.html

 

SINGAPORE : Some 3,000 low-income families had a fun-filled "cashless" Sunday afternoon at recreational hub Downtown East in Pasir Ris.

 

The families are recipients of the Family Recreation FUNd initiative by NTUC Club.

 

The initiative is aimed at helping less well-off union members and their families achieve better work life balance.

 

All in, some 10,000 families will be treated to similar events over four separate Sundays.

 

The three subsequent runs will take place on August 31, December 14 and March 15 next year.

 

And to ensure these families do not have to fork out a cent, NTUC Club provided free two-way transport at designated locations, food vouchers and even complimentary games coupons.

 

NTUC Club has been distributing S$1 million worth of Family Recreation FUNd vouchers annually, over the past three years. - CNA/ms

 

 

http://www.channelnewsasia.com/stories/sin.../354301/1/.html

[Picanto]

outing at downtown east??? those elites sure know how to put in a good PR front for all to see.

[Sabian]

Yup...some PR stunt

 

MIW: This CASHLESS event is just for you low-incum (read:cashless) folks! Cos your DESERVE it! Good on ya for turning up!

 

MIW (to PR aide): Now we just need to milk this for all its worth...can't let the sponsorship go to waste. Ta Da Economic Value added 100X!!!

 

Can collect performance bonus liao.

Edited June 18, 2008 by Sabian

[Kingcopa]

Hopeless. Will this solve their financial prob???? Will this outing make their life easier? This kind of $$$ spend on this type of PR event can feed how many poor families

 

If u r poor n struggling to survive, u prefer a day outing or a week of food supplies?

Realli CMI n the fact that they make a big hoohaa out of this is realli disgrace.

[Kingcopa]

Seem like they by pass the report, "of the job created, how many are for Singaporeans???"

[Mage]

i luv PAP

[Mzrmazda3]

Workers made $4,316 a month on average this quarter. But after adjusting for inflation, they effectively earned $3,982.

 

Got so much boh???

[Ah_tee]

i tot they reported the statistics mean income for sgporean is 2.2k

 

this report is jus last yr if i nvr rem wrongly, how come suddenly shoot until 4k?

 

 

2.2k seems like a more realistic amt to me

[W2wwong]

we in mcf "love" the gahment.

 

we belong to the 66.6% that voted for them, or could not vote because of walkovers. .

 

really, how many of us got chance to vote in our estate?

 

was just wondering....

 

how come the number so nice one 66.67%? why not 65% or 68% or 66.5%?

 

must be 66.67%? so accurate one meh?