Daily Lesson from Life 23 February 2009

Channel NewsAsia - Monday, February 23


SINGAPORE: Ministers and unionists have said fighting the recession is like playing a football match against a
stronger team.


Speaking at the Singapore Tripartism Forum on Sunday, they said Singaporeans will have to go on the offensive and play to win. Labour chief Lim Swee Say said Singapore should aim to be cheaper and better than its competitors with the help of the SPUR programme and other measures from the resilience package.

He also warned against trying to find convenient solutions to the present crisis. "When you try to find the easy way out, try to look for early lights coming, chances are these lights aren’t daylight, but the headlights of an oncoming train."


But the situation is not all bleak.

Finance Minister Tharman Shanmugaratnam said several medium—sized companies are projecting strong growth in the upcoming months, with others planning more investment for the future.


They may come from different sectors, but on the job—saving initiatives in this year’s Budget, most of the unionists and employers at the forum were on the same page.

Some gave positive feedback on the changes made.


"My company ISK has benefited some one million (dollars) from the overall package," said one participant.
Others continued to ask for more help. "What other measures can the government consider to stimulate the economy as well as create more jobs?" asked a participant.

A few even offered suggestions on how to better the system. "We should start thinking of promoting values instead of just results," said a participant.


On the topic of Singapore’s General Election which is due by 2012, Prime Minister Lee said: "When it comes, you will know."

But he added that the 2006 elections were called slightly after the tripartite forum was held that year."

To captivate our audience, we sometimes were urged and encouraged to use analogies and stories. Sometimes it work and sometime it does not. Like in this case, my view is that competing in a football match is quite different from the dire situation we find ourselves in today.

Lessons for me are:

1. job creation for an open economy like Singapore is dependent on external investments and the global marketplace. While it is difficult to forecast, I do expect the 3 to 5 years plan project: labour intensive industries on the rise though per pax compensation may not be higher unless we aim for the luxurious segment of the service trade in tourism/hospitality/MICE areas. The ratio between foreign stop-gap construction workers and other service workers perhaps could had been better anticipated. Yes?;

2. while it is important to be cost competitive and efficient, there is a bigger question of the Overall Cost of Living that the government can influence substantially. e.g. the property prices, the utilities, the public transportation, etc. For service industry, rental expense is one of the biggest besides the labor cost, so any run up in property prices to the unsustainable level (like in the collapsed USA market) must not be allowed to happen!The cost of living impact how the wages of the workers get spent! Also with the ageing workforce in the manufacturing sector that cannot easily convert, more dire warnings perhaps were in order. It is hard to be known as a doom sayer but better to say it early than later!;

3. with higher value add jobs, the number of jobs created may be lower. More efficient, more automation, less labour! Another factor we need to consider when planning future manpower needs of the country;

4. in dire straits, people need to be flexible and adaptable. Changing your mindset is imperative. It is a must. How to do it or make it easier? Start by telling yourself nobody owes you a living! It is better to be living so you can have a chance to fight another day then to be totally defeated and roll over and die! When a door closes another is just waiting to be knocked and open! Spend within your mean always. Swallow your pride and ask for help from family and friends who are still doing ok. Ask for the minimal and be grateful!

This is for real. This is not an imaginary football match. You make your own destiny. Keep the faith and keep walking (like they say in Johnny Walker advertisement!)