For a year, Bangladeshi construction worker Hossain Iqbel worked seven days a week fitting pipes underground on Jurong Island. His basic wages - at $1.50 an hour or around $280 a month - were a third of the $800 he had been promised when he left home."
AND
"Singapore has highest C-level salaries in Asia Pacific - AsiaOne Tuesday, Feb 11, 2014
SINGAPORE - Salaries for senior management executives are up to 14 per cent higher than those in Hong Kong, a study has found. Salaries for top management executives are also 34 per cent higher in Singapore than in Hong Kong.
Not only is Singapore paying senior executives more than Hong Kong firms are, the Towers Watson's 2013/2014 Global 50 Remuneration Planning Report also states that C-suite pay levels exceed those of other countries in the Asia Pacific region.
"Growth in private banking in Singapore and its development - or regeneration - as a regional hub for international companies has drawn a lot of high-level talent to the city and that's reflected in the C-suite compensation," said Sambhav Rakyan, Data Services practice leader, Asia Pacific at Towers Watson."
I could not help but be amazed at the co-incidental releases of these 2 reports! How much more contras can it get!! Heaven and Hell will be apt description!
Lessons for me are:
1. if you are a PURE capitalist, the gulf-like difference between the C-level folks in Singapore and the lowly foreign worker, or Singaporean who happened to be in the line of work as the foreign worker, pay package is NATURAL! Nothing to be sorry about. No apology needed!;
2. but if you are a socialist, surely you will question how can the gap but like heave and hell? Of course the C-level folks in private banking are creating MORE values, intangible, than the construction or road worker. Even a socialist can accept a gap of 50x? between the C-level folks and the lowly worker. Yes? BUT not 100x or 1000x! It simply does not seems right. Well, 'seem' is NOT reality. This is STARK reality. THe survey results and the published results are REAL. So, socialists will need to just accept this. Otherwise they are welcome to move to Cuba or North Korea! :-);
3. personally I don't quite dig 'pure capitalist' way of determining pay packages for certain industries. Some of those folks in the finance industry are WRONGLY named: bankers! Many of them are 'gamblers' or 'traders' who moved billion or even trillion of bets between each others and/or for their banks' clients, and make a cut of the transaction value. Lucrative for sure. The best part is when you lose, you just pay with your job but you get to keep whatever had been paid to you! No claw-back though increasingly it is being inserted in the service contract or employment agreement!
The USA has battled with this run-away compensation beast over the last 15 years since the last big crisis. YET, up to today, the banking industry still pay the BEST. I am NOT sure we are going to see the last of this 'heaven and hell' numbers between workers - called them private bankers or construction worker - for a long time to come. It won't happen naturally! Someone somehow have to 'legislate it'.
Not only is Singapore paying senior executives more than Hong Kong firms are, the Towers Watson's 2013/2014 Global 50 Remuneration Planning Report also states that C-suite pay levels exceed those of other countries in the Asia Pacific region.
"Growth in private banking in Singapore and its development - or regeneration - as a regional hub for international companies has drawn a lot of high-level talent to the city and that's reflected in the C-suite compensation," said Sambhav Rakyan, Data Services practice leader, Asia Pacific at Towers Watson."
I could not help but be amazed at the co-incidental releases of these 2 reports! How much more contras can it get!! Heaven and Hell will be apt description!
Lessons for me are:
1. if you are a PURE capitalist, the gulf-like difference between the C-level folks in Singapore and the lowly foreign worker, or Singaporean who happened to be in the line of work as the foreign worker, pay package is NATURAL! Nothing to be sorry about. No apology needed!;
2. but if you are a socialist, surely you will question how can the gap but like heave and hell? Of course the C-level folks in private banking are creating MORE values, intangible, than the construction or road worker. Even a socialist can accept a gap of 50x? between the C-level folks and the lowly worker. Yes? BUT not 100x or 1000x! It simply does not seems right. Well, 'seem' is NOT reality. This is STARK reality. THe survey results and the published results are REAL. So, socialists will need to just accept this. Otherwise they are welcome to move to Cuba or North Korea! :-);
3. personally I don't quite dig 'pure capitalist' way of determining pay packages for certain industries. Some of those folks in the finance industry are WRONGLY named: bankers! Many of them are 'gamblers' or 'traders' who moved billion or even trillion of bets between each others and/or for their banks' clients, and make a cut of the transaction value. Lucrative for sure. The best part is when you lose, you just pay with your job but you get to keep whatever had been paid to you! No claw-back though increasingly it is being inserted in the service contract or employment agreement!
The USA has battled with this run-away compensation beast over the last 15 years since the last big crisis. YET, up to today, the banking industry still pay the BEST. I am NOT sure we are going to see the last of this 'heaven and hell' numbers between workers - called them private bankers or construction worker - for a long time to come. It won't happen naturally! Someone somehow have to 'legislate it'.
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