From Transitioning, a website dedicated to retrenched PMETs.
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I graduated from a local university 2 years back and started working with the local branch of an international company and am currently earning decent money.
However, I cannot say that my future is as bright with so many foreign ’talents’ around. Even in my company, there are plenty of Malaysians and Filipino managers around and locals are reporting to them.
Even though this paints quite a ‘meritocratic’ picture, I feel that this is not sustainable in the long term. One, these FTs are cheaper and depress wages while they will eventually retire back home where the costs are much lower.
Since locals are not sufficiently trained, this becomes a vicious cycle in the long term where Singaporeans are not sufficiently trained with both technical and soft skills for a senior management job. We are then forced to hire more foreigners to fill this position.
Locals are contented (and perhaps I may even say ignorant) so as long as they have a job and staying in their HDB flats and taking the MRT which they attribute as a good job on part of the government.
Look at all the expensive cars and posh condos in Singapore and you will realise the majority of them are owned by foreigners.
As for me, I think there is no more financial security when one reaches the age of 40. One just needs to get retrenched before he wakes up!