Just look at this Report.
You need to really go through it because it might affect you in 2008.
I’m ready to write a long articles because I care for you and I will do extra things to make sure you are all well and protected. By doing that, your family will not be affected and maybe with our small little strength of spreading the word around, we can make a larger impact on other people’s lives.
I’m going to give you an situational assessment of the surrounding, particularly in Singapore since I reside here.
Please take what I have to say with a pinch of salt as I’m no economist.
Things To Do And Prepare To Have A Safe 2008
Fairytale Job Market
On average Civil Servants in late 2007 had a bonus of 2.5-2.8 months bonus. The government of Singapore has asked the private sector to increase bonuses and salaries of their staffs to cope with rising inflation. If you’re in the Civil Service, let me congratulate you. DO NOT LEAVE YOUR JOB! It’s highly unlikely that bosses in the private sector will be increasing their staffs salaries.
With the GST raised to 7%, shops that used to absorb the 5% GST will no longer do so and many had decided to throw the 7% GST at consumers instead. What happened is a chain of reaction. Food has gone up, suppliers have raised their charges, power supply is up also. More importantly rental has shot up anywhere from 80% to 250% in the urban areas.
The Reality Check
No boss is going to give you higher salary unless you have a specific skillset that is in demand. E.g. SAP/Oracle/Siebel Consultants. If you’re a Office Administrator, Accountant, Sales & Marketing Professional, Blue Collar worker, it’s likely that you’ll be in for a tough ride. Expect your bosses to push you harder. Stop having that idea of quitting and taking your time to find a better job. If you want to, get a better one before quitting.
Property Market’s Cooled Down.
I have consulted many of the property agents I’ve known and many have told me that it has cooled for sometime. Now is a better time to sell, downgrade and accumulate your cash for the next upturn.
Stock Market - Down Down Down!
Officially Singapore and Hong Kong are classified as Bear Market. It will be a tough correction. More bad news to come from USA.
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