ITE pay down 6th year?

September 6, 2014

We refer to the Ministry ofManpower’s (MOM) Yearbook of Manpowe Statistics 2014,

The median gross monthly starting salary of ITE graduates in full-time permanent employment increased from $1,217 in 2007 to $1,410 in 2013. This is an increase of 15.9%.

Real pay down last 6 years?

Since inflation was about 24.2% from 2007 (CPI 93.2) to 2013 (CPI 115.8) – does it mean that the real increase was about minus 8.3% or about minus 1.3% per annum?

Less graduates working? 

The proportion of fresh graduates who were economically active has decreased from 92.9% in 2007 to 81.7% in 2013.

The proportion of full-time permanent and part-time also decreased from

1.1% to 62.9% and 21.8% to 19.4%, respectively.

So, not only has real pay declined in the last 6 years – the number of those who worked also decreased.

S Y Lee and Leong Sze Hian

P.S. Come with your family and friends to the 4th Return Our CPF protest on 27 September 4 pm at Speakers’ Cornerhttps://www.facebook.com/events/516436478486589/Share this:

 

 

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.