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beaverjuice

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Taiwan economy - an ageing tiger in need of cubs
« on: December 28, 2015, 10:01:31 am »
http://www.channelnewsasia.com/news/asiapacific/taiwan-economy-an-ageing/2380736.html

.... a lesson for Singapore if we head down this road .....
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nomnom

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #1 on: December 28, 2015, 12:22:03 pm »
Singapore is a bit different from Taiwan but the similarity boils down to a greying population.
However, SG youths might find themselves without a job because of the low demand in pay by the foreigners. Hence, in time to come, more and more SG youths might head to overseas for jobs.

Taiwan is in a much trickier situation than SG now due to the minimum wage as well as the pensions that are to be given to those retirees. With the minimum wage implementation, things will become costlier especially when labour is needed. As for the pensions, the govt is really digging into their own graves because a drop in young population/workforce will see the drop in sustaining the pensions give-out. Eventually, the govt will need to fork out the amount, creating a deficit in the govt budget. At the end of the day, the govt will have to phase out the pension scheme. And when that happens, you will see those elderly folks protesting on the streets liao.

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beaverjuice

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #2 on: December 28, 2015, 06:06:48 pm »
@nomnom - i beg to differ,  singaporeans don't have the skillsets to differentiate themselves from the foreigners ....
"A man who has depths in his shame meets his destiny and his delicate decisions upon paths which few ever reach."

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kyith

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #3 on: December 28, 2015, 09:57:45 pm »
thanks for this. interesting article

some main points:

  • minimum wage - not good as employers lock them in to minimum wage therefore no advancement
  • pension system - entry age seem a problem. the pension seems flawed. pension overburdens the system to become more socialist
  • low birth rate - without foreign talents, economy cannot keep ticking to bring in more money to support the system
  • brain drain - kids no choice go other countries, making the problem worse
Engineer by Day, Ghost Wealth Mentor that shares his practical and philosophical experience in building & managing wealth, deconstructing financial independence and fin security. Blogs at www.investmentmoats.com


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beaverjuice

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #4 on: December 28, 2015, 10:17:18 pm »
I would say that this article is well-timed and was wondering for whose consumption?.... nonetheless it wouldn't be the last ....
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nomnom

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #5 on: December 28, 2015, 10:55:57 pm »
@nomnom - i beg to differ,  singaporeans don't have the skillsets to differentiate themselves from the foreigners ....

@beaverjuice yup. Thats why i said sg youths lose out to foreigners who asked for lower pay despite the same jobscope. Hence, they might need to head elsewhere to find a job.

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kyith

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #6 on: December 28, 2015, 11:01:42 pm »
@beaverjuice yup. Thats why i said sg youths lose out to foreigners who asked for lower pay despite the same jobscope. Hence, they might need to head elsewhere to find a job.

is this prevalent in singapore?
Engineer by Day, Ghost Wealth Mentor that shares his practical and philosophical experience in building & managing wealth, deconstructing financial independence and fin security. Blogs at www.investmentmoats.com

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beaverjuice

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #7 on: December 29, 2015, 08:13:59 am »
@beaverjuice yup. Thats why i said sg youths lose out to foreigners who asked for lower pay despite the same jobscope. Hence, they might need to head elsewhere to find a job.

@nomnom - I suppose they should seek their fortunes elsewhere if their skillsets are no longer valued or valid in Singapore OR they could choose to upgrade their skillsets with SkillsFuture and WorkFare grants to give them an advantage over foreigners. 

my personal take on this is that the new normal in the career and job marketplace is going to be very different from that over the last 10 or 20 years.  permanence will no longer be the norm.  pathways will no longer be as clear-cut as before.  contract jobs will become more prevalent.

the AEC will force this change, whether Singaporeans like it or not,  regardless if we're prepared for it.
of course the AEC will also open up opportunities for Singaporeans to work in Thailand, Malaysia, Vietnam etc ...... which is why I am working hard to master pasar thai ....  8)

http://petalbytes.com/financial-planning/amid-global-uncertainty-singapore-set-to-look-closer-to-home-for-growth/
« Last Edit: December 29, 2015, 12:22:53 pm by beaverjuice »
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nomnom

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #8 on: December 29, 2015, 08:43:16 am »
is this prevalent in singapore?

@kyith I think this is happening in every developed country where people from developing countries move to developed countries to work coz of higher pay so that they are able to remit money back to their own countries.
That said, there are also job opportunities in developing countries coz some of the more specialised  skillsets are still not available in those developing countries. This is when some people will move there to work coz of the job opportunities.

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nomnom

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #9 on: December 29, 2015, 08:46:54 am »
@nomnom - I suppose they should seek their fortunes elsewhere if their skillsets are no longer valued or valid in Singapore OR they could choose to upgrade their skillsets with SkillsFuture and WorkFare grants to give them an advantage over foreigners. 

my personal take on this is that the new normal in the career and job marketplace is going to be very different from that over the last 10 or 20 years.  permanence will no longer be the norm.  pathways will no longer be as clear-cut as before.  contract jobs will become more prevalent.

the AEC will force this change, whether Singaporeans like it or not,  regardless if we're prepared for it.
of course the AEC will also open up opportunities for Singaporeans to work in Thailand, Malaysia, Vietnam etc ...... which is why I am working hard to master pasar thai ....  8)

@beaverjuice It is definitely very different now. I heard nowadays, a lot of companies only offered contract terms to their employees which is a vast different from 10-20 years back.
Half of population staying in Singapore, is actually foreigners now. Hence, you can roughly gauge the workforce strength of the foreigners in SG. Thus, I won't be surprised if there are still some "fresh" graduates who are unable to find a job after graduated for a year or so.

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beaverjuice

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #10 on: December 29, 2015, 10:29:11 am »
@beaverjuice It is definitely very different now. I heard nowadays, a lot of companies only offered contract terms to their employees which is a vast different from 10-20 years back.
Half of population staying in Singapore, is actually foreigners now. Hence, you can roughly gauge the workforce strength of the foreigners in SG. Thus, I won't be surprised if there are still some "fresh" graduates who are unable to find a job after graduated for a year or so.
@nomnom - I think this "impermanence" of career path suits millenials best since they are best placed with the right mindset and values to embrace the "new normal" of jobs.

the sandwiched Gen X and Gen Y are the ones with the most to lose.

I think the question or solution is not to put up more barriers to foreigners but to embrace the "new normal" as it were. 

the goal is to really save like hell and invest into multiple income streams so that one can reach semi-retirement status in the shortest time possible because permanence will not feature in the future job landscape.

40% of millenials will walk the moment they don't receive a pay-raise.   employers will react to this by creating more contract jobs.

an epiphany struck me last weekend when whiskey was coursing through my veins whilst watching bouncing boobies in Attica - that the future job landscape will consists of contracts of singular job scope and description fulfilled by multiple millenials who share and farm out the jobs themselves on job sharing apps,  receiving 1 salary which they divide amongst themselves.

welcome to the future ......
"A man who has depths in his shame meets his destiny and his delicate decisions upon paths which few ever reach."

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nomnom

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #11 on: December 29, 2015, 12:40:21 pm »
@nomnom - I think this "impermanence" of career path suits millenials best since they are best placed with the right mindset and values to embrace the "new normal" of jobs.

the sandwiched Gen X and Gen Y are the ones with the most to lose.

I think the question or solution is not to put up more barriers to foreigners but to embrace the "new normal" as it were. 

the goal is to really save like hell and invest into multiple income streams so that one can reach semi-retirement status in the shortest time possible because permanence will not feature in the future job landscape.

40% of millenials will walk the moment they don't receive a pay-raise.   employers will react to this by creating more contract jobs.

an epiphany struck me last weekend when whiskey was coursing through my veins whilst watching bouncing boobies in Attica - that the future job landscape will consists of contracts of singular job scope and description fulfilled by multiple millenials who share and farm out the jobs themselves on job sharing apps,  receiving 1 salary which they divide amongst themselves.

welcome to the future ......

@beaverjuice Then, how would you educate your children on their career choices?

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beaverjuice

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #12 on: December 29, 2015, 01:35:54 pm »
@beaverjuice Then, how would you educate your children on their career choices?

@nomnom - don't waste time on general degree .....   :-X
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kyith

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #13 on: December 29, 2015, 01:42:16 pm »
@nomnom - don't waste time on general degree .....   :-X

perhaps you can expand a little bit on that.
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kyith

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Re: Taiwan economy - an ageing tiger in need of cubs
« Reply #14 on: December 29, 2015, 01:44:15 pm »
i think beaver juice has a point that the landscape will be very different.

the local grads will try tooth and nail to get into stat boards and civil servants or the slower moving companies. these are the so called iron rice bowl.

i wonder what will happen when these companies also change.

beaver juice idea of very focus competency based on distributed team connected by technology can be very good and scary at the same time.
Engineer by Day, Ghost Wealth Mentor that shares his practical and philosophical experience in building & managing wealth, deconstructing financial independence and fin security. Blogs at www.investmentmoats.com