The New Age Living In Singapore

Shaun Vishnu Mervin Lim 50028485 Nadiah Bte Mohamed Halim 50032592 Siti Jaliah Binte Muhammad Erman 50033283 Chia Khang Lip 50028563

Wrote introduction and paragraph on work dissatisfaction. Compiled and edited body paragraphs Wrote paragraph on housing and complied references. Co-wrote paragraph on the influx of foreign talents.

Co-wrote paragraph on the influx of foreign talents.

Summed up essay and wrote the conclusion

COM 300 Written Communication University at Buffalo The State University of New York

Instructor: Ms Deepa Pillai 11 September 2013

THE NEW AGE LIVING IN SINGAPORE The New Age Living In Singapore

A city notorious for its hustle and bustle, Singapore has made her global mark as a booming money-pit. The living expenses in such a cosmopolitan jewel easily could break bank, and thus a career which is not favorable but sustainable to the lifestyle is what young adults are fervently hunting for. In comparison to years prior to the now established economy, cost of living was much lesser, enabling citizens to live comfortably. With a drastic change in structure, it is a definite beneficial factor for the country to bask in the rise of the standard of living. The downfall, however, are the people. Singaporeans face an absurd amount of unhappiness from having to chose between family bonding and their jobs, not forgetting the affordability factor from the increase in costs. An influx of foreigners add to this misery, as stating that Singapore employment is competitive would be a vast understatement. Paying obscene amounts of money for a minuscule apartment is not the most ideal envisioning of a lifestyle. Although the standard of living in Singapore has increased in recent times, it is still a key concern for most young adults due to the inevitable rise in the cost of living. Singapore is infamous for its lavish buildings and metropolitan faade. Beyond these glass paneled architecture lie robots who have chosen to be drowned as the career obsessed. The cookiecutter Singaporean, one who reveilles in the morning to ever-so-eagerly get to their jobs, staying obscenely late hours and then heading back to their abodes ignorant of family times. This has been of major concern in most Singaporean hearts, with much believe that they have been consumed by their careers. Crowds of penguin suited robots and stiletto clattering businesswomen move with urgent haste in a daily attempt to make the world a better place. Cliches aside, the pressure of competition or being on par to say the very least has caused major discomfort in the everyday Singaporean. In an economy such as Singapore's, where career-oriented individuals strut the land in the hope of achieving contentment, job dissatisfaction is prevalent in most industries, if not all. This is far from astonishing with the standard of living sky-rocketing to new heights. The 6th most expensive city to live in the world (Chia, 2013), Singapore has altered the definition of competition

THE NEW AGE LIVING IN SINGAPORE to an extreme blasphemy. The robots opt to work in an industry they hardly have much interest in just to reap monetary rewards, leaving passion and life fulfilling goals at the gate. This

compromising sacrifice gives them what they need to survive in the shark emporium. Affected most by such ultimatums are the free-spirited young adults. Individualism and non-conformity being the latest trend, the young adults of Singapore have aspirations and achievements they set for themselves at a tender age. Dream jobs and motivational careers among young adults are increasingly becoming a thing of the yesteryears. An article appropriately titled Singaporeans Second Most Unhappy Employees Worldwide solidifies Singaporeans malign revelation. According to the source, lack of opportunity prevailed as the key obstacle when it came to career advancement(Singaporeans second most, 2012). In a fight to be the crme de la crme, young adults have become the devil's advocate and are willing to go beyond themselves to live well in Singapore, albeit their dissatisfaction. Passion and one's true forte hardly pave the way in a booming, economy-drilled, competition-filled country. Nonetheless, given the choice between passion or a job that pays the bills, it is a no brainer that the latter would be chosen amongst Singaporeans. The trend towards an aging population is identified as an urgent concern in Singapore, articles from various governmental and private studies show. One such issue showed the percentage of population above 65 years of age expecting to increase from 8.7% in 2008 to 19% in 2030 (Loh, Tan, Zou & Vaidya, 2013). In order to mitigate the accompanying macroeconomic concerns such as the rising healthcare costs and shrinking labour markets, it is of crucial importance for Singapore to continuously add fresh heads to the workforce. This results in Singapore having to turn towards its neighbouring countries for aid, which radicates the influx of foreign talents. Lee Kuan Yew, Singapores founding father states that Singapore has been able to attract some 9000 multi-national companies, as it offers First World conditions in a Third World region. However, this further aggravates the situation faced by young adults in Singapore. Their feelings of discontent and dissatisfaction increases tremendously, as they yearn the need to compete more

THE NEW AGE LIVING IN SINGAPORE

aggressively for available jobs in an already niche market. This proves to be a valid concern among young Singaporeans as a rising number of foreign talents are willing to take on less than desirable jobs at a lower wage compared to Singaporeans. Furthermore, with the increase of the foreign talent in Singapore, there would be a concurrent increase for competition everywhere, besides having the wanted jobs that are already limited, for housing space , healthcare and everyday commodity. Though some may argue that foreigners unavoidable and the fight for survival is the norm, it is especially unaccepted here in Singapore due to its size and already limited space, whereby locals themselves are having a hard time to survive even without the introduction of the population additions. This causes a long-term detriment among young Singaporeans - whose efforts to counter the countrys rising standard of living to be futile. Despite the growing economy in Singapore, and the optimism the Singapore government is displaying, the limited land space in Singapore has led to an increase in housing prices, leaving most young Singaporeans daunted by the prospect of working at least 25 years in order to repay their housing loans. This concern has led to many young couples tying the knot much later than ever before (Lim, 2013). According to Low (2013), property prices have risen at rapid rates as opposed to average incomes. This is mainly contributed by the rapid economic growth as well as more liberal immigration policies. The rising property prices have not only made housing unaffordable but an inconvenience to most. Lim (2013) states that an increase in residential cost combined with longer commuting time would result in an lower wage for workers. The rising property prices would mean an increase in rental, indirectly affecting the cost of running businesses. In the long run, prices of goods and services would rise and soon Singaporeans would find themselves paying more for their basic necessities. The high housing cost has been an obstacle to most young Singaporeans in leading a fulfilled life. Tan (2013) strongly believes that lowering housing prices would free young Singaporeans from bearing housing loans during their early years. This would encourage them to start a family or even to embark on entrepreneurial pursuits. Undeniably, the increase in the cost of living does not only affect the current generation, but also the next one.

THE NEW AGE LIVING IN SINGAPORE Conclusively, the rise of the standard of living in Singapore does not naturally equate to the increase in satisfaction among young Singaporeans. With the trend of dissatisfaction among young Singaporeans set to continue, the level of happiness may stay stagnant for just a while yet. Also, as discussed in the earlier paragraphs, the cost of living will slowly and surely increase in the considerable future, leaving many more Singaporeans feeling bleak and disgruntled about what the future holds for them. As aforementioned, such is the pragmatism born and bred Singaporeans are instilled with, more and more young Singaporeans are engulfed in the pursuit of paper qualifications, for The ideal job, to pay the bills. Such is the competitiveness of the society, it is no wonder that more young Singaporeans would choose a job that pays the bills, rather than one they feel passionate

about. Evidence of Singaporeans being labeled the second unhappiest employees worldwide further emphasizes the dissatisfaction among the specific populace. The worries of these young Singaporeans does not end with just work dissatisfaction. The influx of foreign talent in an already saturated market has contributed to the growing concerns as well. Young Singaporeans are concerned with the ever-increasing foreigners willingness to take on similar jobs at lower wages, increasing the competitiveness of an already overpopulated country. This long-standing concern has continued and will continue to trouble young Singaporeans as the cost of living looking very unlikely to drop in the considerable future. As supported in the earlier paragraphs, it is strongly believed that the high housing cost has been an obstacle to more young Singaporeans in leading what they deem as a fulfilled life. Only the possibility of a lower housing price would encourage and free more young Singaporeans in starting a family early, with housing loans prevailing as one of the main concern among many young Singaporeans. The trend of dissatisfaction among young Singaporeans does not look like it will end in the considerable future, and will most likely be passed on to the next generation.

THE NEW AGE LIVING IN SINGAPORE REFERENCES Chia, Y. M. (2013, Febuary 04). Singapore 6th most expensive city to live in, economist intelligence unit survey shows. The Straits Times. Retrieved from http://www.straitstimes.com/breaking-news/money/story/singapore-6th-most-expensivecity-live-economist-intelligence-unit-surveyLim, L. (2013, Feburary 21). How land and people fit in singapores economy. Yahoo! News. Retrieved from http://sg.news.yahoo.com/blogs/singaporescene/land-people-fit-singaporeeconomy-025020996.html Loh, X. Y., Tan, W. L., Zou, Z. Y., & Vaidya, S. (2013). Property market risks in singapore. NTU Research Department, Retrieved from http://clubs.ntu.edu.sg/rms/researchreports/Property Market Risks in Singapore.pdf Low, D. (2013, June 04). Rethinking singapore's housing policies. Today Online. Retrieved from http://www.todayonline.com/commentary/rethinking-singapores-housing-policies Singaporeans second most unhappy employees worldwide. (2012, March 08). Human Resources, Retrieved from http://www.humanresourcesonline.net/news/31457

Tan, M. W. (2013, March 02). Time for a relook at housing policies: Researcher. The Straits Times. Retrieved from http://www.straitstimes.com/breaking-news/singapore/story/new-hdbpricing-model-needed-researcher-201303002