Why Jobs Credit Scheme is FUCKED UP- A succinct commentary

[SneeringTree]

Agree completely.

Companies retrench workers because of two main reasons:

1) Falling demand
2) High wages

How is the stupid Job Credit Scheme going to solve (1)? PAP has time and again say that we cannot stimulate demand. This si the reason they reject giving Singaporeans direct cash to spend because it is not going to help the economy.

How is the stupid Job Credit Scheme going to solve (2)? If demand has fallen, the companies are going to retrench workers no matter what. DBS recently retrenched hundreds of workers too. Do you think these workers would have been saved by the stupid Job Credit Scheme? Do you think DBS would have let them keep their jobs if the workers volunteer a 12% pay cut? Why save only 12% when you can save 100%??

How is the stupid Job Credit Scheme going to save locals from being retrenched when the employer is faced with a choice of cutting a foreign worker and a Singaporean worker? The wage differential between a local and a foreign worker (for those blue collar jobs) is likely to be greater than 12%. So the employers are still going to retrench the local.

WHAT A STUPID SCHEME THIS IS.

Instead of pretending they can "save" jobs, the government should do alot more for those who are without a job now or would be without a job in the near future.

http://comment.straitstimes.com/showthread.php?t=16674

 

[Pek Kim Lui]

It's more to do with falling or lack of demand.

Got to give credit where credit is due. Innovative all right, looks good on paper but does not really do much. The important thing now is to put the unemployed to work! They want work! Real work and not exploitive work!

 

[shOUTloud]

Agree completely.

Companies retrench workers because of two main reasons:

1) Falling demand
2) High wages

How is the stupid Job Credit Scheme going to solve (1)? PAP has time and again say that we cannot stimulate demand. This si the reason they reject giving Singaporeans direct cash to spend because it is not going to help the economy.

How is the stupid Job Credit Scheme going to solve (2)? If demand has fallen, the companies are going to retrench workers no matter what. DBS recently retrenched hundreds of workers too. Do you think these workers would have been saved by the stupid Job Credit Scheme? Do you think DBS would have let them keep their jobs if the workers volunteer a 12% pay cut? Why save only 12% when you can save 100%??

How is the stupid Job Credit Scheme going to save locals from being retrenched when the employer is faced with a choice of cutting a foreign worker and a Singaporean worker? The wage differential between a local and a foreign worker (for those blue collar jobs) is likely to be greater than 12%. So the employers are still going to retrench the local.

WHAT A STUPID SCHEME THIS IS.

Instead of pretending they can "save" jobs, the government should do alot more for those who are without a job now or would be without a job in the near future.

http://comment.straitstimes.com/showthread.php?t=16674

But would you agree that the Job Credit Scheme is an amazing feat of accounting. Basically, the govt took x billion from its left hand (ie the reserves of Singaporeans collectively) and put the same x billion into its right hand (ie the CPF under the name of Singaporean individually).

In between, the govt releases x billion into the pockets of employers through reduction in CPF contribution from these companies.

Maybe it will work, maybe not and most probably in btw. But don't you think this deserves the Accounting Oscars?

 

[Pek Kim Lui]

Maybe it will work, maybe not and most probably in btw. But don't you think this deserves the Accounting Oscars?

Sorry accounting oscars goes to a bank in India which listed it's losses as other assets so as not to bring down the balance sheet.

 

[SneeringTree]

It's more to do with falling or lack of demand.

Got to give credit where credit is due. Innovative all right, looks good on paper but does not really do much. The important thing now is to put the unemployed to work! They want work! Real work and not exploitive work!

The government cannot create jobs. Period. They can inflate the civil service, that's about all they can do- and they can do this without throwing billions into a failed and ill-conceived job credit scheme!

 

[ahleebabasingaporethief]

But would you agree that the Job Credit Scheme is an amazing feat of accounting. Basically, the govt took x billion from its left hand (ie the reserves of Singaporeans collectively) and put the same x billion into its right hand (ie the CPF under the name of Singaporean individually).

In between, the govt releases x billion into the pockets of employers through reduction in CPF contribution from these companies.

Maybe it will work, maybe not and most probably in btw. But don't you think this deserves the Accounting Oscars?

I was just waiting for someone to spot this.

Yes you are RIGHT.

And so is the brother that started this thread.

The REAL PROBLEM with the PAPpies is that they are never wrong. Even cannot, they say can. Everything they will try to sweep under the rug.

Then whoever points out their flaws, they hammer them like bulllies often do in ParLeement.

This Jobs Scheme CANNOT and WILL not save jobs across the board.

 

[Pek Kim Lui]

The government cannot create jobs. Period. They can inflate the civil service, that's about all they can do- and they can do this without throwing billions into a failed and ill-conceived job credit scheme!

It's been a long time since they did that and they have forgotten how. Too many short cuts and this is the end result.

Civil service is already inflated and as we can see top civil services are so well off that they can blow $45,000 on a 1 mth overseas cooking holiday.

But no doubt about it the scheme is a shell, looks good but that's about it.

 

[batman1]

But would you agree that the Job Credit Scheme is an amazing feat of accounting. Basically, the govt took x billion from its left hand (ie the reserves of Singaporeans collectively) and put the same x billion into its right hand (ie the CPF under the name of Singaporean individually).

In between, the govt releases x billion into the pockets of employers through reduction in CPF contribution from these companies.

Maybe it will work, maybe not and most probably in btw. But don't you think this deserves the Accounting Oscars?

This is called creative accounting !
Lucky got opposition to ask questions about the feasibility of the Job Credit Scheme if not just bulldozed and swept under the carpet !
It does not mean that u got 30 MOF scholars to come out with this Scheme then everything will be perfect,taking into consideration that they are out of touch with the man in the street and practical business.

 

[ahleebabasingaporethief]

This is called creative accounting !
Lucky got opposition to ask questions about the feasibility of the Job Credit Scheme if not just bulldozed and swept under the carpet !
It does not mean that u got 30 MOF scholars to come out with this Scheme then everything will be perfect,taking into consideration that they are out of touch with the man in the street and practical business.

Practicality and the PAPies dogs are like east and west. never the twine shall meet.

They are only interested in their own gains and propaganda.

 

[scroobal]

Got nothing to do with creative accounting or accounting per se. You guys are highly imaginative.

The question is whether the Jobs Credit Scheme will work or be effective.
Here are the pros;
1) It does lower costs for employers who have S'porean or PR staff who contribute to CPF
2) Because of the CPF condition, all other workers are no longer attractive or cost effective such as employment pass, work permit etc. Tendency is get more Sporean or PR to take advantage of the scheme

The Cons;
1) Its a shotgun approach as highly profitable companies and markets with high margins and generally recession proof will also benefit
2) The general cost environment is high particularly in rentals, transport charges such as ERP, Port Fees where the govt is a major stakeholder. The Jobs Credit Scheme gives the impression that this will alone will save jobs.
3) It does nothing nor is there a clear policy or plan for those that actually gets retrenched and cannot be employed. Which is the fundamental issue. These are people who paid taxes in the past and help build the country's infrastructure. What is the plan? - forget them. Go beg the town council.

For the economy and for both the employers/employees in general, the fundamental issue is sustaining demand to keep and generate jobs. If there is no demand, even if Jobs credit scheme gives a 99% rebate, no employer will retain staff.

Measures to generate or maintain demand needs to be clearly addressed.

Extraordinary times calls for extraordinary measures. Put money into pockets of those that are retrenched so that it flows back into the system where our neighbourhoood markets and essential consumer services can be sustained.

You can run a country for 50 years (1959 to 2009) yet the fucking old man has yet to build a social security system to weather an extradordinary storm. There is no glory when your citizens have to beg the local town councils for help as nothing is in black and white to indicate what privileges or emergency help is available. How about paying up the market value rentals for the Istana for the last 50 years. That alone can provide a safety net for least 5 years.

Look at the "poor white trash" in Oz. At least they have a targetted approach to save the economy. Not to forget the legendary safety net where no man, woman or child will go hungry.

 

[newyorker88]

It's more to do with falling or lack of demand.

Got to give credit where credit is due. Innovative all right, looks good on paper but does not really do much. The important thing now is to put the unemployed to work! They want work! Real work and not exploitive work!

So simple, think about it. As a boss, I would rather fire workers to save 2200( assuming the salary is 2500), rather than to have 300 dollars given to me by govenment. It would not help my company to sae 300 a month, when the worker dont have work to do.

Demand is so bad that I would rather fire them first. Hire when there is a need. In fact, I have started to lay off those who did not perform.

 

[Einfield]

This is called creative accounting !
Lucky got opposition to ask questions about the feasibility of the Job Credit Scheme if not just bulldozed and swept under the carpet !
It does not mean that u got 30 MOF scholars to come out with this Scheme then everything will be perfect,taking into consideration that they are out of touch with the man in the street and practical business.

Tie the fate of the MOF scholars to the Scheme they cook up, put in measurable results and targets, it the Scheme fail, they should be fired or get a deep pay cut.

I bet you the proposal will be completely different.

 

[0939]

CPF cut is the solution

 

[kaipoh]

I was retrenched, I hope the gov could come out this scheme to solve my problem by allowing me to take out my CPF fund said $20,000/- to tide over this difficult period (I have $250,000/- in my CPF) any comments?

 

[SneeringTree]

I was retrenched, I hope the gov could come out this scheme to solve my problem by allowing me to take out my CPF fund said $20,000/- to tide over this difficult period (I have $250,000/- in my CPF) any comments?

you wait long long. where r they going to get the money to throw billions onto temasek etc if they allow u to withdraw the money?

 

[ahpong]

Tie the fate of the MOF scholars to the Scheme they cook up, put in measurable results and targets, it the Scheme fail, they should be fired or get a deep pay cut.

I bet you the proposal will be completely different.

Before parliament sits to debate it, state times already run articles to praise them like hell. Fat performance bonus and promotion already confirmed.

 

[Pek Kim Lui]

So simple, think about it. As a boss, I would rather fire workers to save 2200( assuming the salary is 2500), rather than to have 300 dollars given to me by govenment. It would not help my company to sae 300 a month, when the worker dont have work to do.

Demand is so bad that I would rather fire them first. Hire when there is a need. In fact, I have started to lay off those who did not perform.

You forgot the boss will still have to wait 3 mths for the savings to be credited to him. Until then his business may have falled totally.

Seriously demand is so bad that nobody is really safe. Even top performers may need carry balls skill to survive. :(

 

[Pek Kim Lui]

CPF cut is the solution

No good. Govt need the CPF $ so cannot cut.

 

[kaipoh]

I did not wait long long, last week I went to International Plaza NTUC learning hub to ask for gov.aided upgrading study program, autocad drawing, because of my intention to switch field, but the staff said autocad course no subsidy, you want subsidized you got to go for security guard course; cleaning supervisor course.....
Please tell me what to do!!!

 

[Mighty Megatron]

Tie the fate of the MOF scholars to the Scheme they cook up, put in measurable results and targets, it the Scheme fail, they should be fired or get a deep pay cut.

I bet you the proposal will be completely different.

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