Support Site for The Unemployed & Underemployed
Saturday February 25th 2017

36-year-old banker who used to earn $300,000 to $400,000 per annum frustrated at labour policies


First of all, thanks for allowing us to interview you online AJ and can you provide us with some background information on yourself?

i am a 36 year old Singaporean lady and earned my Economics degree and MBA from a top-notched business school. My last drawn was between $300,000 to $400,000 per annum.

What was your last occupation and you have told me that you were unemployed for a few months, can you tell us more about this and also your job search experience?

Been in finance industry (doing the same thing) for 15 years. Unemployed for 18 months. Initially, frustrating and embarrassing. Now more of frustrating and angry (especially after the MOM 2015 statistics).

I must also add that I applied to all government and government related organizations (Temasek, GIC, MAS, Ministry of Finance), and the local banks (OCBC, UOB and DBS) but am faced with repeated rejections or was simply ignored. Not too sure what MAS and Ministry of Finance mean when they say they are looking to develop a strong Singaporean core for the finance industry (and in fact every industry).

You have told me that you are currently jobless for more than six months, what did you do in order to survive? Did you also approach the CDC for assistance?

Giving tuition. Yes I did approach CDC but they rejected me. I am living with my parents and siblings and they told me to rely on their incomes.

Did you attend any interviews during the past few months and why do you think you are unsuccessful so far?

Yes still going for interviews. Length of time out of market (which was technically not my fault because I had been actively looking since 2014). Competition, I reckon.

Tell us abit more about what you have learnt from your jobless experience and how it has impacted your family.

I am actively exploring roles overseas. I used to be an significant contributor to our family’s household living expenses. Now, not only am I not a contributor, I am instead relying on them.

What do you think you could have done to shorten the unemployment period?

Do not know. 6 months into my search, I was already looking for contract roles.

Do you think that Singapore is now a more difficult place to make a living?

Singapore is definitely more attractive to foreigners and hence more competitive. With Chinese increasingly being a language requirement in Hong Kong, anyone with no Chinese language capabilities will pick Singapore as a location to gain Asia work experience. Singapore is also taking steps like bringing in top end restaurants, musicals, art galleries. These make Singapore more attractive for foreigners to live in.

What do you think the government can do to alleviate the current employment situation?

They know what to do. They are making regular statements on what they want and should do. Perhaps it is time to put them into execution mode. For a start, maybe start practicing Fair Consideration?

Many people have blame foreigners for competing jobs with us, what is your view on this?

As above.

Lastly, whats your advice for those who are still jobless and feeling down?

Keep moving forward.

End of interview

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Reader Feedback

7 Responses to “36-year-old banker who used to earn $300,000 to $400,000 per annum frustrated at labour policies”

  1. Elite says:

    350000/12= $29,000/Month

    I am looking for such high pay job too

  2. YCS says:

    Wah so unfair! Can get $300-$400K before 36? This is unjust! What are the bankers contributions to the society that gives them such obscene amount of salary?

    I am glad such jobs get eliminated. The same $300K is better spent on hiring 5 people.

  3. xyz says:

    Just change your address to 1 of your relatives or friends, and tell CDC you’re staying on your own, renting a room.

    You yourself know there are plenty of chao angmoh and ah nehneh bankers coming into S’pore ready to work for $5K/mth. Hence if you’re asking for anything above $70K a year, no one will hire you.

    Many of these foreigners (incl. angmohs) have only diploma-equivalent education, but got a few years work in major banks. Many finance companies will rather hire these cheaper foreigners than Sinkies with “top-notched degrees or MBAs”.

    Becoz at the end of the day, many bankers’ jobs are sales jobs, closing deals. Companies want young, good-looking, confident-looking, can speak well, can speak with angmoh slang, can talk cock sing song easily with rich strangers & turn them into customers. Whatever financial products, statistics, calculations, formulas, financial tools, reports are all provided by the banks/finance companies. It’s whether you can translate all these into something that grabs the hearts & minds of high-networth individuals or companies.

  4. Ppatriot says:

    And also noticed how the PAP and civil service has cleverly shifted the blame back to the unemployed by mplying that the unemployed are nt sufficiently trained, do not have the right sklls etc…. many oh so many reasons they are unemployed. But NO, none of that is due to the rubbish policy of the PAP and the Civil Service over the past decade…. This is BAD GOVERNANCE

  5. Anon says:

    I do not understand this article …. if this lady used to earn circa 300k per annum why is she staying with her parents?! Even if she is unemployed for more than 6 months her earnings would have at least tide her over for at least 2 years, without living with her parents and surviving on her own. I know I did on an annual income of $90k, was unemployed for a year and survived on savings on that amount. I am assuming this lady only worked for less than a year in order to be in such a situation that she has to move in to stay with her parents and give tuition!

  6. Jointbreaker says:

    I feel so sorry for myself for not able to earn more than $70K a year my entire life. I am such a loser for not making it in life. All I have at 50 years old is a 5 Room HDB flat, a car Japanese car turning 8 years old and enough to put food on my table for the family every month. One good holiday a year. I will never experience a $300K a year salary. So I am so sorry the world is cruel to you for losing that kind of paying job. I count my blessings everyday I can continue just with what I have than to have so much, loss consciousness of prudence and then blame everyone else after that. Looking around, maybe being humble and doing the best I can is better than demanding what education I got means what kind of paying job I deserve. Ivy League so what .. Learn how to start from bottom and stop thinking the Singapore owes you.

  7. Blissful says:

    No one owes u a living,y must the govt agency employ u and pay u your last salary?

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