Unemployment in Singapore rises, while retrenchments grow by more than 30% in Q218

According to MOM figures released on Thursday (13 Sep), Singapore’s labour market showed sings of slowing down. The second quarter of 2018 (Q2 2018) saw both higher unemployment and more retrenchments.

The number of retrenchments rose by a staggering 30% to 3,030, as compared to 2,320 in the previous quarter. According to MOM, the top reasons for retrenchment are business restructuring and reorganisation. For retrenched residents, the six-month re-entry rate was 64.3%.

Netizen Shaolin Fs believed that the actual figure was much higher “I know friends who are asked to rein as their project was cancelled by the client. The company did noffer some compensation but as it is [classified as a] resignation, it will not contribute to retrenchment figures”

Overall, the seasonally adjusted unemployment rate for residents rose slightly by 0.1% to 2.1% in Q2 2018. Correspondingly, the long-term unemployment rate edged up from 0.7% in March to 0.8% in June.

As of June, there were 67,300 residents and 59,800 citizens unemployed.

The seasonally adjusted ratio of job vacancies to unemployed persons was 108 job vacancies per 100 job seekers.

 

 

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36 Responses to “Unemployment in Singapore rises, while retrenchments grow by more than 30% in Q218”

  • opposition dude:

    You can’t hide the truth lah. Why bother lying that retrenchments are low compared to a year earlier and then do an about-turn now?

    The economy is still recovering and will be in this mode for quite a while. Companies will remain cautious until then. An ex client of mine is hiring but most of the jobs are between 2 and 6 months so that says a lot.

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  • rukidding:

    Honestly,…I have STOP TRUSTING any statistics or report by this G , ever since the “Honourable Clown” took over the “steering wheel” !

    Cannot “managed” your own family affairs and yet used the wrong instrument to “defend and protect” yourself,….and worst, was to see all your “pet dogs” coming out to “defend” something that does not “involved” their business !

    Amazing how “$$$$” can so easily “infect”,.”addict” and “corrupt” one’s mind and behaviour.

    Sad that this whole Party is now a “damned corrupted” organisation

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  • LIONS:

    Young educated sgs voted for FT POLICY.

    CONGRATS!You reap what you sow.

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  • PC Ong:

    Even if our unemployment rate increase, it is not surprising because US tariffs will hurt a trade-dependent economy like ours. But even then, our unemployment rate is still extremely low compared to other developed countries. And also following the global trend, workers whose skills are not updated will be retrench. But those that remain will command very good salary. Our median income ($4,500 per individual or $9,000 per household) continues to increase, as our average wage increment is 3%-4%, better than our inflation rate, which means people are still better off than before. And bonuses average 2-3 months also. So overall, our labour market remain very tight.

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  • Bapak:

    I think their figure of 3,030 are people found in hospitals, mental hospitals, and Moom Crescent. This may be their definition of unemployment.

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  • HarderTruths:

    Oh no – Companies need new labour to survive!!

    When is the next influx of FT coming to help our depressed economy by working longer cheaper faster and dumber?

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  • Haigen-diaz:

    There is no easy solution to generate more domestic jobs at the moment unless we can reclaim old jobs and stop this idiotic policy of letting those 3rd world ‘economic refugees’ coming here to steal our lunches. The true unemployment rate has always been higher than reported: the unemployed have no voice, and the ‘government’ need low numbers for the usual devious reasons. A full description of our employment crises would include (a) those out of work (b) those who’ve quit working (c) those in part time jobs who want full time jobs (4) those who are working in jobs significantly below their education and experience levels and finally (5) those working in jobs with essentially no mobility or opportunity for improving their job skills and financial situation. Our economic policy and economics are not primarily driven to grow wages or increase employment but to increase GDP with profitability. Moreover, without a solid base — the structure provided by skilled workers doing the jobs that industry and manufacturing have to offer — our economy flounders, and soon, there are fewer jobs for all. Construction jobs are down because of the drastic property cooling measures, while jobs in construction & transport have shown a decrease over previous quarters and falling. Thanks for reminding Singaporeans that unemployment, retrenchments rising, while monthly home payments, property taxes, rent, utilities, medical premiums, and tertiary tuition have all risen significantly in the last year. We have a workforce that is largely underemployed or compelled to accept part-time or contract jobs. What on earth is there to cheer about?

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  • Dr. Chan:

    LHL encouraged people to steal other people’s lunches. Then we have to make sure LHL, Ho Jinx and the PAP monsters’ lunches get stolen cum next erection. Better still – follow Najib’s footsteps: get arrested, charged, convict, jail.

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  • Pateiot:

    Hahahaha stupid 70% Sinkies you all voted for this…. Don’t see coffin don’t cry….

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  • why be shocked, clown is clown:

    the labour statistics is faked. because when one becomes jobless after X number ofmonths, one is no longer in the statistics. we do not have inside information. we think the X is 24.

    anyway we no ffff care whether the alien FT PR is employed or unemployed since they add to the crowding which reduces our quality of life. the citing of 2.1% resident unemployment is a PLOY to distract attention away from the large number of local born who are jobless or under employed, especially the males who have completed NSF and with local degrees.

    since GE2015 do we care?

    NO. we ffff care. except that each time more local born becomes jobless, we celebrate. because the chance for one more sheep to turn against clown pap becomes that much higher.

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  • oxygen:

    AFTER THE FIRST QTR STRONG GDP SHOWING, the SUDDEN MASSIVE acceleration of retrenchment figures in the 2nd qtr is telling that economy is likely to have peaked and heading down south.

    Plenty of private condos will be on market soon. Horizon Towers en bloc IN PRIME ORCHARD ROAD DISTRICT 9 found NOT A SINGLE DEVELOPER BIDDING.

    Those who have committed in the 12 months preceding the June ABSD escalation are trapped. Developers who tendered successfully on bloc will now find fewer and fewer buyers and staring at future losses.

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  • oxygen:

    @ PC Ong

    YOU BULLSH*T YET AGAIN. What a lousy liar of you so easily debunked of false tales and fiction story of fake news even of economic statistics.

    PC Ong: But those that remain will command very good salary. Our median income ($4,500 per individual or $9,000 per household) continues to increase, as our average wage increment is 3%-4%, better than our inflation rate, which means people are still better off than before. And bonuses average 2-3 months also. So overall, our labour market remain very tight.

    Here are my proof: I quote here verbatim of Singapore Government source.

    “After accounting for household size, median monthly household income
    from work per household member grew by 4.5 per cent in nominal terms from
    $2,584 in 2016 to $2,699 in 2017…” This definition includes bonus if any.

    https://www.gov.sg/~/sgpcmedia/media_releases/singstat/press_release/P-20180208-2/attachment/Key%20Household%20Income%20Trends%202017%20Press%20Release.pdf

    That means that the median income for EVERY EMPLOYED is only $2,699 per month including CPF. Net of CPF, it would be closer to $2,300 per month.

    And to attain a median household income of nearly $9,000 per month OF YOUR IMAGINATION OF WEALTH EARNINGS, that household MUST HAVE AT LEAST 3 MEMBERS OR MORE IN THAT PARTICULAR HOUSEHOLD IN FULL TIME EMPLOYMENT. How frequent is this? Some might have 4 or 5 members in that household employed such that the median income per household employed is LOWER than $2,300 per month including bonus if any.

    You are obvious farting gratuitous nonsense here in TRE to mislead readers. Your fake news publishing is habitual – easy to debunk. Shame on you!

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  • Rabble-rouser:

    @ Haigen-diaz, oxygen:
    There is a lag effect between what’s actually happening in the developed economies & S’pore. And the pro-govt MSM are not doing the people any favours with their distorted & frankly, optimistic & 1-sided reporting. The financial markets are whipsawing alarmingly while a number of emerging economies are facing financial ruin from a run on their domestic currencies. The market signals are more aligned with 1997/98 Asian Financial Crisis than with the 2008 GFC (when Bear Stern, Lehman Brothers collapsed, AIG @ systemic ruin). But like the 2008 GFC, the debt bubble is a worrying sign, only that the debt quantum had increased many fold since 2008. S’pore domestic economy (govt, corporations & households) are more indebted than ever (vis-a-vis 1998 AFC or 2008 GFC). The problem in S’pore is the FALSE PROSPERITY DOCTRINE (property as wealth) & the Conspicuous Consumption mentality with income-dependent S’poreans. The PAP have backed S’poreans into a corner where they can’t exit without significant collateral damage. And the political elites might think that they are in a comfortable position with their high pay (well padded golden parachute). But there are NO SAFE HAVEN from the incoming Financial Crisis. There are no real store of wealth that will withstand the coming reset phase even for precious metals. The collapse of asset values & inflated asset price bubbles will only destroyed liquidity created by the QEs during the last decade. Debtors will have to contend with diminishing asset values while servicing static debt – a liquidity mismatch of epic proportions. Not withstanding future bank’s call to top up diminished asset values to maintain debt:equity ratio. The question is the level of savings & liquid capital to ride the financial storm. Being fully invested at this moment will kill you down the road. Employment under such circumstances is dodgy going forward. In a gist, this incoming killer wave will separate those who are prepared from those who aren’t prepared.

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  • Haigen-diaz:

    A country with a GNP under $300 billion, like Indonesia’s $250.24 billion (Mar 2018), can easily be swamped by international finance which can move tens of billions of dollars around with the greatest of ease. It is well to remember that the Asian tide of money was generated with the specific intent of preventing a repeat of the 97′ Asian financial crisis. This constitutes not only an irony, but a lesson that will merely lay the foundation for another crisis in the near future. An overarching question i.e., why global financial crises became more frequent and acute? Conclusion is a (possible) crisis in emerging markets is more dangerous today due to ‘really, really bad policies’ implemented in Western economies, read US/EU. Thus, global financial crises of the last few decades have been rooted in weak macroeconomic fundamentals of developing economies change in US monetary policy The last thing one can acknowledge about these failed countries is the one thing they all had in common, too much debt. The problem is severe global inequality saddled with a massive, unregulated global casino that benefits a tiny few and backed up by everyone else. This glut continued for so long and at such volume because it was unmoored from the discipline of supply/demand balance. The excess of Asian savings was a deliberate policy on the part of East Asian governments, and they were determined to build up their reserves regardless of the investment return they were able to obtain on those funds. This meant that the usual risk/return ratio was not applied to their investments with any rigor–and capital was systematically mis-allocated…cont’d

    Rabble-rouser: The financial markets are whipsawing alarmingly while a number of emerging economies are facing financial ruin from a run on their domestic currencies.The market signals are more aligned with 1997/98 Asian Financial Crisis than with the 2008 GFC (when Bear Stern, Lehman Brothers collapsed, AIG @ systemic ruin). But like the 2008 GFC, the debt bubble is a worrying sign, only that the debt quantum had increased many fold since 2008. S’pore domestic economy (govt, corporations & households) are more indebted than ever (vis-a-vis 1998 AFC or 2008 GFC)…….this incoming killer wave will separate those who are prepared from those who aren’t prepared.

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  • Haigen-diaz:

    cont’d…
    So much was invested so quickly in the liquid markets around the world that favorable investment opportunities disappeared. The only options remaining were high risk (subprime, emerging markets, commodity futures, etc), and the bankers and rating agencies conspired to persuade unsophisticated investors (ie, almost every institutional and individual investor) that these were actually low risk. Added to the dishonesty and fraud, the regulatory environment was culpably lax– But, there were so many cumulative contributors to this disaster (either by way of stupidity or irresponsibility) One way to manage the global current account imbalances is to impose effective regulations to limit fraud and increase transparency. The glut need not have led to a bubble with its ensuing financial crisis. A bubble is dumb money in action; and one cause of its stupidity is too little information, that is, too little transparency. In sum, global financial crises are inevitable as long as (a) the US dollar continues to be a dominant world currency, and (b) the US economy continues to be subject to stop and go cycles and monetary policies reacting accordingly. Money chasing money, until the money runs out.

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  • True facts:

    Many sinkis are sitting at home now while fts working.

    Good u voted for this.

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  • Kan Yew Phuc:

    Unemployment is a positive sign for change.
    The more unemployed the faster change can cum.

    Misery is a catalyst for change.
    God Speed!

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  • Rabble-rouser:

    Precisely the critical part of any true Finance practitioner would be analysing the risk/return profile of Investments. But with the QEs of last decade & the massive global liquidity flood have threw away the concept of risk analyses replaced with the “Kiasu” mentality ie. fear of missing out. That why S’pore had suffered terrible market dysfunctional issues like the Swiber bonds default (with MAS definition of sophisticated investors – a joke); the artificially triggered bouyant Property market using EnBlocs which is now dead (no bids from developers), etc. In short, S’pore under the PAP is a depressed return eco-system with too much access to cheap funds thus creating a haven for unbridled borrowing but plenty of systemic risk of massive default if cheap funds become expensive.
    What the masses don’t realised today is that the concept of warfare were being replaced with conventional conflict fought on battlefields for economic & financial warfare. The US via their Wall Street banks/MNCs were waging their imperialism (Globalization) over emerging markets dosing them with cheap funds much like the British East India company had provided opium to China for silk & spice. A renewed China, on the other hand, is using the debt enslavement strategy eg Belt (maritime) & Road strategy to create vassal states under their control/influence & for territorial expansion.
    The PAP in S’pore might think themselves as smart & great thus paying themselves a high reward as such. But their policies contained many seeds of destruction for S’pore (economic & social). A lot of ‘work’ in S’pore were short-term & unsustainable often creating work opportunities for incoming foreigners but not for locals. Many of these were dependent on Globalization & on the continual flood on foreign monies coming in. The population growth policies were configured (re: property, brick ‘n Mortar vehicles REITs, Kopi-tiam investments) for such activities (higher consumption, eat ‘n shit economy). But trade wars & the growing strength of US$/rising US interest rates are growing threats to PAP’s senseless policies. We’re into a world of pain going forward! Sudden deaths of businesses, bankruptcies & people running road!

    Haigen-diaz: This meant that the usual risk/return ratio was not applied to their investments with any rigor

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  • FTs are here to create jobs:

    now now now do the white monkey idiots still believe that FTs are here to create jobs for daft sinkies. see how far daft sinkies can tahan lor so trusting and believing in the granny white idiotic stories of the white idiots.

    if white idiots still do not control their open-leg policy, more more “good” shows are yet to come.

    more people do not mean = number of good jobs.

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  • True facts:

    Gahmen still keep saying economy good.

    Good for them as they still get 5 months bonuses.

    Sinkis voted for these.

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  • Python 5:

    Pateiot:
    Hahahaha stupid 70% Sinkies you all voted for this…. Don’t see coffin don’t cry….

    fkking singaporeans must kena 5Ds first, before the coffin come for them.
    DEBTS, DIVORCES, DEPRESSION, DESTITUTIONS AND DEATHS

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  • Python 5:

    https://www.independent.co.uk/news/business/news/next-financial-crisis-2020-recession-world-markets-jpmorgan-a8540341.html

    Next global financial crisis will strike in 2020, warns investment bank JPMorgan

    I want to savour seeing those who buy million dollar condos and DBSS with 30 year loans jump down from their units.

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  • Gullible laughing stock:

    A Laughing Stock .
    So gullible and brainwashed.
    Yet top in maths and science.
    But not one invention by native Singapore become as great as Google , Alibaba or Nuclear Power plant.

    Sg can show latest tech products but the best of these products are not invented by Singaporeans. Even the roti prata machine is invented by India nationals although they claim it’s made in Singapore. Most things made in Singapore are by foreign MNC which setup plants here.

    China people do not know what restrictions are.

    Singapore people are best at obeying what are the restrictions.

    This is why China make all the great things Singaporeans cannot live without.
    Even the shared bike system is invented by China.

    Singapore is just a adopter of tech.
    Any country has inventors, even sg. But what invention sg has that’s as great as Alibaba? Asset appreciation scheme of HDB ? Well zero country adopted it. Likewise COE SYSTEM. If really so good, the world would have adopted it.

    Ask the Deans , you study so well, so scholarly . Where is your alibaba?
    Jack Mah is not a scholar.

    I debunk the lie that scholars are the best talents. The best in any field has never been a scholar.

    Wise up, fools.

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  • DOOMERANG:

    READ ARTICLE

    MALAYSIA CHRONICLE

    YOU DAFTS…..

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  • DOOMERANG:
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  • PAKUQAZ:

    Singapore gov invented how to cheat the public by collecting $$$ thru GST,CPF, HDB, PUB, Grid, COE, elder shield, DPS, mdeisave and so on.

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  • DOOMERANG:

    The most puzzling part was when “they suggested she raise the problem of the ‘mystery blacklisting’ with the authorities.” Obviously, the Singapore immigration officers could offer zero satisfactory explanation and were caught with their pants down with regards to the blacklisting of the British investigative journalist Rewcastle Brown, as their computer system says she is banned.

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  • DOOMERANG:

    Thanks to what appears to be a screw-up in the Singapore immigration department, another proof that the Lee Hsien Loong administration could have had its fair share in protecting scandal-plagued Najib Razak has been unveiled. Sarawak Report editor Clare Rewcastle Brown was briefly detained in Singapore on Saturday (Sept 15) morning following the launch of her book about 1MDB scandal.

    “Turns out ‘someone’ put her on the blacklist in 2016 but the Singapore authorities were baffled about why she had been placed on the list,” – according to a post on the Sarawak Report Facebook page. Fortunately, her detention at 1am was a brief one, but Ms. Clare, who is considered a heroine in Malaysia, was freed – with a handshake – only after clarifying who she was.

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  • DOOMERANG:

    PM Lee Hsien Loong administration had blacklisted the British lady who exposed the scandal that started a great war which would lead to the downfall of the Singapore leader’s good friend – Najib Razak. And after the new government of Mahathir took over, none within Singapore Immigration and Checkpoints Authority or the Ministry of Home Affairs has updated its databaseaccordingly.

    Perhaps the previous ICA Commissioner Clarence Yeo or Mr. Shanmugam’s boys have forgotten Najib is no longer Malaysia’s premier. After all, Singapore is still adjusting itself with the new political landscvape after the unexpected victory of Pakatan Harapan coalition. But the fact remains that the blacklist fiasco proves that Singapore had been assisting Najib regime in targeting whistleblower Clare Rewcastle Brown.

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  • DOOMERANG:

    ICA Commissioner would not have had blacklisted the British investigative journalist without an order from the Ministry of Home Affairs. The screw-up wasn’t a mistake simply because Singapore is an extremely efficient nation that does not make such blunder. Coincidently, 2016 was also the year when the U.S-DOJ mentioned “Malaysian Official 1” – over 30 times – as the crook who had control over 1MDB.

    “Malaysian Official 1”, later identified as Najib Razak, was alleged to have received around US$681 million (popularly known by Malaysians as RM2.6 billion) of stolen 1MDB money via Falcon Bank, Singapore on 21 and 25 March 2013. In June 2017, the U.S. Department of Justice began moves to recover more than US$1 billion from people close to Najib and 1MDB.

    In 2015, a year before Singapore seemed to have blacklisted Clare, the Malaysian police issued an arrest warrant for Ms Rewcastle-Brown. In the same year (2015), she reportedly came under protection from the British police. She claimed to have been followed and photographed in London while having tea at a restaurant in Hyde Park.

    A week before she was to give a keynote address on November 21, 2016 at an antifraud conference in Singapore, Clare Rewcastle Brown received an anonymous email with a tip – “Dear Madam, I want to thank you for exposing all the corruption and wrongdoing in Malaysia. I am writing to you urgently with regards to your upcoming trip to Singapore.”

    “The (Malaysian) Special Branch knows that you are coming and they have arranged with their Singapore counterparts to arrest you on arrival,” – warned the anonymous email. Not ready to take the risk, she gave her speech from her dining room, which also functions as her newsroom. Clare apologized for not being able to speak to attendees of the 2016 ACFE Fraud Conference Asia-Pacific.

    Rewcastle Brown told the audience during a live studio uplink in 2016 – “Our trip became apparent to Malaysian authorities and they issued yet another extradition request for my arrest. Given the close extradition agreements that are in place in Singapore, it seemed to be a bad idea to come.” Hence, it’s not hard to understand why Clare had been briefly detained by Singaporean authorities.

    PM Lee Hsien Loong administration had blacklisted the British lady who exposed the scandal that started a great war which would lead to the downfall of the Singapore leader’s good friend – Najib Razak. And after the new government of Mahathir took over, none within Singapore Immigration and Checkpoints Authority or the Ministry of Home Affairs has updated its databaseaccordingly.

    Perhaps the previous ICA Commissioner Clarence Yeo or Mr. Shanmugam’s boys have forgotten Najib is no longer Malaysia’s premier. After all, Singapore is still adjusting itself…

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  • Mothershit is prostitute:

    PAKUQAZ:
    Singapore gov invented how to cheat the public by collecting $$$ thru GST,CPF, HDB, PUB, Grid, COE, elder shield, DPS, mdeisave and so on.

    Any money can invent.
    But to invent the best in class has never happened in sg.
    Hdb , coe systems are not adopted by the world.

    If good, people would have adopted it already.

    They dare to say a LESSEE owns the flat but the flat is owned by hdb.
    Only Singaporean buy into this.
    Tak Harapan!
    This is why all political experts say SG CANNOT DO A MALAYSIA . Malaysia Boleh!

    Only External Forces can liberate Singaporeans.

    Singaporeans are best followers of rules and regulations. They are CONSTRAINED heavily. This led to lack of creativity. Look at WP. IT obediently plays by the rules set by the PAP. Of course they never achieve much after 50 years.

    WP will never achieve anything.
    They are heavily constrained.

    China people knows no Restrictions.
    This is why their people Try all things possible. They make things the world depend on. Singapore is crippled without China products.

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  • Bad omen:

    What happened this morning?..several HDB estates in darkness…blackout around 2am for 20 to 30 mins.
    Fault at SP stations?
    Seems like fault lines appearing ever so often these days.. a bad bad omen!

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  • rukidding:

    Like I say,….soon Dr M will be investigating the “rail corridor” deal and the TPsgar rail station deal.

    Good show coming behind…akan datang !

    Oh,…a little bird told me it should and will be released when we come closer to erection mood !

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  • Balek kampong sudah:

    Send back home those PRs & FTs who become unemployed for 2years or more!
    I just hate that term FT=Foreign Talent!
    Our G has screwed up our country ! VTO .

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  • EXTERNAL Forces:

    Singaporeans trust the unemployment stats as much as they trust the counting of the votes.

    Yours
    David Blaine meets Maradona.

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  • Asians not democrats:

    Balek kampong sudah:
    Send back home those PRs & FTs who become unemployed for 2years or more!
    I just hate that term FT=Foreign Talent!
    Our G has screwed up our country ! VTO .

    Many like you want to VTO.
    BUT you are merely a small minority vis a vis the super majority, the 70% well educated idiots.

    Reasons :
    1. Academic result is not true wisdom.
    2. Ask NTU professor who is native Singaporean, what can they show that is best in the world an invention as great as Google? This is to debunk the misconception that academic excellence means real world performance and real wisdom.

    I am not saying they have no inventions. Even Timbuktu has inventions. But what dothey have outside their exam results that is best in the world as great as Google?

    3. Singaporeans generally do not subscribe to true democracy. They have been nurtured with ASIAM VALUES : SUBMISSION TO AUTHORITY. UNQUESTIONing of authority. Absolute Obedience of authority. Singaporeans proved this.

    4. These zombies do not demand for transparency, democracy. They find the status quo perfectly acceptable and that’s why they accepted the regime.

    Like minded roam together.

    It’s like why do smokers smoke despite being educated the harms smoking brings?
    Their thinking are the same.

    These think the same way, have same wavelength as authoritarian regime. To them, knuckledusting is the way to rule.

    5. They know many have been detained without trial. One ex colleague of LKY detained for longer than Mandela. But this knowledge did not deter them from voting for the regime nor ask for improvements. They share the same MORAL STANDARDS AND VALUE SYSTEM !!

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