Home News Featured News S’porean working in the finance sector for 15 years says he quit...

S’porean working in the finance sector for 15 years says he quit because in a department with ‘23 staff, 22 were from India and 1 was a Chinese based in HK’

Nothing much has changed since I left. You just need to go LinkedIn to look through the employees of many foreign banks to see for yourself, said the netizen.

- Advertisement -

Singapore A concerned Singaporean wrote and shared his experience working in a foreign bank in Singapore where he saw how there was widespread hiring of foreigners, leading to him eventually leaving the company.

In a letter to popular Facebook page ‘The Alternative View’ on Tuesday (Jul 6), the netizen said that after hearing the ministerial speeches by Health Minister Ong Ye Kung and Manpower Minister Tan See Leng on Tuesday (Jul 6), they were “filled with so much anger I have to write this”.

“This bunch of idiots and their MOM minions dare say the CECA has not allowed a free movement of Indian nationals in S’pore’s PMET segment? I want to call out their bullshit based on my personal experience”, the netizen penned.

Adding that they were working in the financial sector for 15 years, the netizen wrote that they saw that Indian professionals began coming in from 2007.

- Advertisement 1-

The India–Singapore Comprehensive Economic Cooperation Agreement, also known as the Comprehensive Economic Cooperation Agreement or simply CECA, is a free trade agreement between Singapore and India to strengthen bilateral trade. It was signed on 29 June 2005.

In the letter, the Singaporean wrote that in a particular department, out of a total of 23 staff members, 22 were from India, and the remaining one was a Chinese person who was based in Hong Kong.

“The investment and retail side were also dominated by Indian nationals. Not surprising because the heads of both divisions were also from India. And on top of them, there was an overall Chief Executive of Asia who was also from India”, the netizen wrote.

Eventually, because of the state of affairs in the bank, the netizen decided to leave.

“Nothing much has changed since I left. You just need to go LinkedIn to look through the employees of many foreign banks to see for yourself”, the netizen added.

The full letter:


Dear TAV


I read the so-called ministerial statements of both Tan See Leng and Ong Ye Kung on the CECA and am filled with so much anger I have to write this.

This bunch of idiots and their MOM minions dare say the CECA has not allowed a free movement of Indian nationals in S’pore’s PMET segment? I want to call out their bullshit based on my personal experience.


I have been working in the financial sector for 15 years and saw for myself how the sector was inundated by Indian “professionals” who started streaming in from around 2007. In a matter of years, this became a flood.

 

This happened right before my eyes in the bank where I worked. During my time, you could see certain departments filled with just Indian nationals. In 1 such department, there were 23 staff. Of the 23 staff, 22 were from India and the remaining 1 was a Chinese but based in HK.

The investment and retail side were also dominated by Indian nationals. Not surprising because the heads of both divisions were also from India. And on top of them, there was an overall Chief Executive of Asia who was also from India.This certainly validates the anecdotal observation that these people hire their own and what better place than S’pore to do this, with the CECA allowing them to transfer their compatriots in under the Intra-Corporate Transfer route.

Hence, when people refer MBFC as Mumbai Financial Centre or CBP as Chennai Business Park, it’s really not a joke. You just have to go there during lunch time or tea-break at around 4 pm to see for yourself.

Eventually, I was so dismayed by this state of affairs that I decided to leave that place.Nothing much has changed since I left. Y

ou just need to go LinkedIn to look through the employees of many foreign banks to see for yourself.

Given tonight’s rhetoric by the PAP ministers, I really doubt things will change for the better. The real solution to this is to have a stronger Opposition presence in the Parliament to force the PAP to account for their policies and decisions. We can’t afford to let them have even half a blank cheque now.

Regards
A Concerned S’porean

 

- Advertisement 2-


During the parliamentary session on Tuesday (Jul 6), Mr Ong pointed to Chapter 9 under CECA, titled “Movement of Natural Persons”.

The chapter, he said, “makes it clear that the Government’s ability to regulate immigration and foreign manpower is not affected” by the trade pact.

The Government also “retains full rights to decide who can enter the country to live, to work or become permanent residents or citizens, he added, citing the second and third paragraphs found within the chapter.

In addition, the obligations relating to the chapter are “not broad principles with wide applications, but highly specific”, like all FTAs.

He added: “Nothing in this agreement implies Singapore must unconditionally let in PMEs from India.”

- Advertisement 3-

Mr Ong also said that it was untrue that intra-corporate transferees from India are able to freely enter Singapore to work.

He went on to say that the total number of intra-corporate transferees from all over the world, not just India, that have come to Singapore to work is “very small”.

Last year, there were only about 500 intra-corporate transferees from India in Singapore, less than 0.3 per cent of all Employment Pass (EP) holders. /TISG

 

 Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Read More

Stories you might’ve missed, Jan 25

Leon Perera: We should never trust blindly in any government or institution FB screengrab: Leon Perera Singapore — Workers’ Party Member of Parliament Leon Perera (Aljunied GRC) pointed out that while Health Minister Ong Ye Kung recently echoed a phrase WP...

NFT earnings of S$7.5 million in 10 days for S’pore-based influencer Irene Zhao

Singapore — Singapore-based Chinese influencer and Instagram model Yuqing Irene Zhao listed her non-fungible token's (NFT), garnering purchases from prominent individuals like Galaxy Digital...

‘3 years and look how people still miss you’ — fans remember Aloysius Pang on his death anniversary

Singapore — It's been three years since actor Aloysius Pang died in an accident during a military training exercise, but he has been far...

Nagaenthran’s case: Appeal against death sentence adjourned, calls to spare his life continue

Singapore — An appeal from Nagaenthran K. Dharmalingam, a convicted Malaysian drug trafficker facing execution in Singapore, was adjourned on Monday (Jan 25). Ms Violet...

Shock & disappointment for loyal customer who finds cockroach in porridge, decides to support different outlet

Singapore — After finding a "fresh-looking" cockroach on his order of porridge from a Tampines outlet, a loyal customer decided to patronise a different...

Stories you might’ve missed, Jan 25

Leon Perera: We should never trust blindly in any government or institution FB screengrab: Leon Perera Singapore — Workers’ Party Member...

NFT earnings of S$7.5 million in 10 days for S’pore-based influencer Irene Zhao

Singapore — Singapore-based Chinese influencer and Instagram model Yuqing Irene Zhao listed her non-fungible token's (NFT), garnering purchases from...

‘3 years and look how people still miss you’ — fans remember Aloysius Pang on his death anniversary

Singapore — It's been three years since actor Aloysius Pang died in an accident during a military training exercise,...

Nagaenthran’s case: Appeal against death sentence adjourned, calls to spare his life continue

Singapore — An appeal from Nagaenthran K. Dharmalingam, a convicted Malaysian drug trafficker facing execution in Singapore, was adjourned...
Follow us on Social Media

Send in your scoops to news@theindependent.sg