Singapore: world's richest country by 2050? Citibank report says US will sink to fifth-richest nation within 40 years

If you enjoy peering inside the minds of the world's super rich, take a spin through the 2012 "Wealth Report."

Compiled by Citibank, and a property consultancy called Knight Frank, it's a lengthy analysis based partly on interviews with the super rich. (Definition: people with more than $25 million in investable assets.)

Yes, the report contains musings on why yacht sales are down and the pros and cons of buying a sports franchise. But that's not the most interesting part.

The study predicts that Singapore -- that little Southeast Asian city-state with loads of Type A zeal -- will be the world's richest nation by 2050.

And by that, they mean its per capita GDP at purchasing power parity. (For those who skipped economics class, this attempts to more accurately measure the average income by considering inflation, cost of living and exchange rates.)

According to Citibank's 2050 prediction, the top five countries by this measure will be:

1. Singapore: $137,710

2. Hong Kong: $116,639

3. Taiwan: $114,093 (Congratuations, Taiwan, Citibank analysts think you'll make it 2050 without being consumed by China.)

4. South Korea: $107,752

And sliding in at number five, the only non-Asian nation, the U.S.: $100,802

But there are glaring questions about these numbers, which are based on Citibank's own analysis.

According to the report, Singapore is already the top GDP per capita champ with a figure of more than $56,000. But that doesn't account for tiny, oil-rich Qatar, which leads most rankings with an average of more than $92,000 according to the World Bank. And there's no mention of super-affluent Luxembourg either.

Regardless, Singapore is genuinely affluent and the report suggests why.

In interviews with "high net-worth individuals" around the globe, the Wealth Report asked the super rich about their "favorite things."

In response, Indians said cars and gadgets, Latin Americans said traveling and Africans said safaris.

The favored items of extremely wealthy Singaporeans?

"Books and reading materials."

http://www.globalpost.com/globalpost-blogs/southeast-asia/singapore-richest-country

Singapore No 1 finance centre by 2022?

Low-tax and bank-friendly environment cited as a major attraction in survey

LONDON - Top United Kingdom traders and dealmakers bruised by intense banker bashing believe an Asian city, possibly Singapore, will take over as the world's dominant financial centre within 10 years, according to a survey.

Nearly two-thirds of 450 British investment bankers surveyed by headhunters Astbury Marsden said Singapore, Shanghai or Hong Kong would be the top global financial centre in 10 years.

One-fifth felt London would be the world leader in 2022 and one-sixth said New York would hold the No 1 spot.

"A fast-growing, low-tax and bank-friendly environment like Singapore stands as a perfect antidote to the comparatively high tax and anti-banker sentiment of London and New York," said Mr Mark Cameron, Operations Chief at Astbury Marsden.

The annual Preferred Location Survey also found Singapore is the city where British bankers would most like to live, claiming 31 per cent of the vote, up from 27 per cent last year.

"Financial centres in the West have taken a real battering since the start of the financial crisis," said Mr Cameron.

"Cities like Singapore and Hong Kong have been quick to capitalise on setbacks in London and New York, courting investment banks and reacting to demand from expats," he added.

Investment banks and trading firms in New York and Europe have struggled to maintain profitability in recent years amid economic uncertainty partly linked to the ongoing euro zone debt crisis.

Commodities trader Trafigura said in May that Singapore would become its main trading centre as it seeks to tap demand in Asia, dealing a blow to former home Switzerland. 

Asian banks, in contrast to their Western peers, avoided much of the damage inflicted by the latest financial crisis and have benefited in recent years from solid economic growth and a booming commodities market across the Asia-Pacific region. REUTERS

Happy Onam 2012

Singapore top business destination in Asia Pacific: survey

Singapore top business destination in Asia Pacific: survey

SINGAPORE: Singapore has emerged as the top business destination in the Asia Pacific region in the first half of the year.

This, according to a survey of over 2,500 business trave

llers based in the Asia Pacific region conducted by international hotel operator Accor.

The Asia Pacific Business Traveller Research survey is conducted annually to find out travel and behavioural preferences of business travellers based in the region.

More travellers are coming to Singapore more frequently for business visits.

Accor found out that the "Garden City" is the most visited destination for travellers from Indonesia, Malaysia, Thailand and India.

Vice president of Communications at Asia Pacific Accor, Evan Lewis, said: "Business travellers are reflections of business sentiments and the volume of travels is a reflection of how the economies are doing. So, I think it is somewhat inter-related, in the case, Singapore being a gateway to Southeast Asia and therefore into relatively strong economies."

Asian business travellers are willing to spend more for their business hotel accommodation.

On average, travellers spent as much as US$125 per night on hotel accommodation during the first six months of 2012 - some 3 per cent higher than last year.

Singaporean business travellers are the top spender - setting aside US$156 a night on accommodation for an average of three nights during their business trips.

According to the survey, free wi-fi was listed as a key factor when choosing a hotel, but most disagreed.

Senior vice president of Park Hotel Group, Mohd K Rafin, said: "Service and location come up quite regularly (as) top preferences. Location because of the convenience, where it is easily accessible to them. But, most so, service is equally important. Services - the reliability to be able to provide very consistently their needs."

Some hotels such as Pan Pacific Singapore believe that guests value an all-round memorable stay, which include quality fittings and services.

The hotel is currently undergoing an S$80 million renovation project, which is due to be completed at the end of August.

General manager of Pan Pacific Singapore, Scott Swank, said: "The physical side which we are addressing with our renovations here in Singapore. The most important things for the customers are they have a great bathroom, they have a large working desk and very much today, technology is an innovative part of their guest room stay."

Apart from hotel room rates, food and beverage spending make up the next largest expenditure item of business travellers.

- CNA/ck

Singapore beat Hong Kong as Asia’s most popular business destination. Thursday, 16th August 2012

The third annual 'Accor Asia-Pacific Business Traveller Research, Singapore' also showed that Singapore was among the top three destinations visited in the first half of 2012 by business travellers from all countries surveyed.

“This year, more travellers are going to Singapore, indicating the strength of the Southeast Asian economies and perhaps, the slowing in North Asian economies,” said Evan Lewis, vice-president communications, Accor Asia-Pacific, which commissioned the survey. “That said, Hong Kong remains an important gateway for travellers doing business in Mainland China—and for Mainlanders engaging in business travel.”

Accor found that business travellers took an average of 10 business trips in the first six months of 2012, an increase from the six trips recorded in the 2011 survey. The increase was driven largely by a greater number of domestic trips this year.

Chinese business travellers took the highest number of business trips (14) while Hong Kong and Singapore took the highest number of international trips with eight trips and seven trips, respectively. Hong Kong was still the favorite among travellers from Mainland China (45%), Thailand (26%) and Australia (16%).

More than a third (35%) of Asia-Pacific professionals reported an increase in travel, with the top reasons cited being a change in role that required more travel (38%); an increase in business year-on-year (35%) and increased sales and marketing efforts (28%). Some 20% also attended more conferences and seminars.

Source: http://www.4hoteliers.com/4hots_nshw.php?mwi=10300

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Forbes Rich List Scratches the Surface in Singapore

By Shibani Mahtani

Reuters

Yachts berthed at the One Degree 15 Marina Club on Sentosa Island in Singapore.

SINGAPORE – The latest list of wealthy Singaporeans from Forbes magazine showed lots of money sloshing around Singapore – but it may just be the tip of the iceberg.

The magazine’s latest annual ranking of the city-state’s wealthiest 40 individuals found that Singapore’s richest people have a collective net worth of US$59.4 billion, up from $54.4 billion last year, with 16 billionaires locally compared to 13 last year. But separate estimates from Wealth-X, a group which provides intelligence on the world’s high net worth individuals, suggests that there may be at least 10 others in Singapore worth over US$280 million who might have been left out of the list. ($280 million was the worth of the 40^th-ranked Singaporean this year, Ho Kwon Ping of Banyan Tree Resorts).

Boston Consulting Group, meanwhile, has said Singapore has the highest percentage of millionaire households in the world, suggesting there are lots of other big fish who have tons of money but just not quite enough to make Forbes’s roster.

The Forbes list of Singapore’s 40 richest did not include Goh Cheng Liang, who founded Nippon Paint (Singapore), a regional distributor of the Japanese paint manufacturer. Mr. Goh, who also founded Wuthelam Holdings – a private conglomerate with investments in retail, manufacturing, construction and property – is also a philanthropist, and is worth an estimated US$1.2 billion according to Wealth-X.

The list also left out Frank Tsao Wen King, the founder of International Maritime Companies (IMC) Group, which was started in Hong Kong but moved to Singapore in the early 1990s. Mr. Tsao is currently the senior chairman of the company and a shareholder of the Suntec Real Estate Investment Trust. According to Wealth-X estimates, Mr. Tsao is worth US$820 million – which would place him in the 21^st spot on Forbes’ list.

Calculating individuals’ wealth is often difficult and frequently subject to debate. Individuals don’t always make it easy for researchers to identify all their assets or sources of income, and complex family relationships can make it even harder to parse out who controls what. Since fortunes are often based in part on stock holdings or other assets whose values move up and down over time, a person’s net wealth can change dramatically depending on when the research into their holdings is completed.

Forbes said its list was compiled using shareholding and financial information obtained from the families and individuals as well as stock exchanges, analysts and regulatory bodies in Singapore. The fortunes were calculated based on stock prices and exchange rates as of July 13, while private companies were valued based on similar companies that are publicly traded.

Wealth-X said it tracks a wide variety of metrics including equity stakes, cash salaries, and assets such as real estate, planes, and art.

Various consultancies, private wealth managers and other observers have noted that wealth in the city-state has steadily been expanding over the years, as the world’s wealthy individuals are tempted to place more assets in the country – or move there entirely – thanks to Singapore’s low tax rates and comfortable living environment. Among the most famous is Facebook co-founder Eduardo Saverin, who made his debut on the Forbes list this year at #8 after he recently renounced his U.S. citizenship in favor of long-term residence in the city-state.

Ten of every 100,000 households in Singapore are now classified as “ultra-high-net-worth” households, meaning they each have more than US$100 million in private financial wealth, according to BCG. This number is just shy of the comparable metric in Switzerland, which has the highest concentration of ultra-high-net-worth households at 11 for every 100,000, and above Hong Kong, which has seven of these for every 100,000 households.

Flashy displays of wealth – particularly on the part of foreigners – have also created a tense atmosphere at times in the city-state, with some locals feeling disgruntled that more wealthy foreigners are now residing in the city state, and possibly helping push other costs higher as they spend more.

Earlier this year, Singapore ended a program that allowed wealthy foreigners to get permanent residency as long as they kept S$10 million (US$7.9 million) in assets in the country for five years. The move was also designed to cool the property market, whose price increases have been driven in part by foreign investment, irking Singaporeans and undercutting support for the ruling People’s Action Party.

Besides Mr. Saverin, Forbes’ list of the 40^th wealthiest Singaporeans also features several other new entries, including Raj Kumar and his son, Kishin RK, who are behind the privately-held property empire Royal Holdings and RB Capital. Listed at number 11^th on the list and worth $1.5 billion, they are among Singapore’s eight new billionaires making their debut on the 2012 list.

Remaining on the top of Forbes’ list after being #1 last year is the Ng family – specifically, Robert and Peter Ng – who run Far East Organization, which was founded by their father who died in 2010. The group boasts annual revenues of $5.5 billion, and is behind hundreds of properties, including hotels and malls, in Singapore and Hong Kong.

Singapore – Home to the World’s Richest People

Associated Press

A man is silhouetted against the skyline of Louis Vuitton’s floating store and the financial district of Singapore.

Yet another wealth report has put tiny Singapore on the top of its charts – this time, as the wealthiest nation in the world by GDP per capita, beating out Norway, the US, Hong Kong and Switzerland.

The report, released this week by Knight Frank and Citi Private Wealth, estimates that Singapore’s GDP per capita – at US $56, 532 in 2010, measured by purchasing power parity – is the highest in the world, topping Norway (US$51, 226), the US (US$45, 511) and Hong Kong (US$45, 301). The report also predicts that Singapore will hold its place as the world’s most affluent country in 2050 (by GDP per capita), followed closely by Hong Kong, Taiwan and South Korea who will displace Norway and Switzerland as the world’s richest places.

This figure is no doubt bolstered by the staggering number of millionaires in the city-state, which Knight Frank and Citi Private Wealth predict will only keep growing. According to their estimates, Singapore will see a 67% increase in centa-millionaires over the next four years – an über-wealthy class with over US$100 million in disposable wealth. Earlier reports, like the Boston Consulting Group’s Wealth Report released in June, said Singapore has the highest percentage of millionaire households in the world, a title the city-state has held on to for two years running.

Singapore is not the lone beneficiary of Southeast Asia’s wealth explosion, and according to the report the number of people in the entire region with more than US$100 million in disposable assets (excluding property, for example) has increased by 80% in the past five years. Between 2010 and 2011, the number of these centa-millionaires grew 13% — higher than the global average at 6% — and will grow by 44% by 2016. Correspondingly, some Southeast Asian cities have seen property prices increase significantly in the past year, including the Indonesian island of Bali where property prices increased 15% and Jakarta, where they increased by 14.3%.

There are now 18, 000 people with US$100 million or more in disposable assets in Southeast Asia, China and Japan, according to Knight Frank’s estimates – more than North America, which has 17, 000, and Western Europe with 14, 000.

Still, these ultra-high net worth individuals are not completely confident that their large masses of wealth will be completely unaffected by turbulence in the world economy and changing political situations, according to surveys conducted by Knight Frank. In Singapore, the wealthy are most afraid of the impact of the global financial crisis on their wealth, but those in Hong Kong are more worried about the devaluation of currency and those in India are most worried about domestic inflation.

With its high density of Louis Vuitton boutiques, luxury nightclubs and multi-million dollar property, Singapore is also growing in importance as a city for the world’s high net worth individuals. Surveys asking über-wealthy individuals to rank cities in terms of “economic activity, political power, quality of life, knowledge and influence” found that Singapore was the fifth most important city for the world’s wealthiest individuals. Here, the city-state was beaten by London, New York, Hong Kong and Paris, indicating that the world’s most global cities continue to lure the rich.

According to Knight Frank, even respondents in Asia-Pacific put London and New York ahead of Hong Kong and Singapore – an indication that economic growth may not be the most important factor when a high-net worth individual chooses his city of residence.

In the next 10 years, according to the report, Shanghai will be the fourth-most important city for the world’s wealthy with the “relative anonymity of… secondary cities” like Chongqing and Dalian likely to change in the near future, evidenced by an explosion of a luxury goods market in cities that are not yet on the map of the world’s wealthy.

The Knight Frank and Citi wealth report notes that “many of those fast-growing Chinese cities… performed significantly less well for freedom of expression and human rights – something that may hinder any future ascent to the top of the overall ranking.”

By Shibani Mahtani

• GDP, 
• HNWIs, 
• Hong Kong, 
• Singapore, 
• Wealth

Singapore NDP 2012 Grand Finale

Universities, ours and theirs KRISHNA KUMAR

As long as we discourage young talent, encourage an obsolete examination system and remain indifferent to research, we will continue to lag behind the West

There are four critical differences between universities of the western world and ours. Thefirst is that they do all they can, when they recruit young faculty, to make way for excellence. We do everything to block its entry. We start discouraging talent early, but a few bright youngsters manage to come up despite our best efforts. They are the ones who face the greatest resistance from our institutions at the time of selection for vacancies. The norms and standards that western institutions apply for selecting young faculty focus on individualised assessment of potential. Senior people and administrators who make decisions make sure that the aspirants are assessed on the basis of what they have published, the quality of research they have done, and how passionate they seem about the pursuit of knowledge and teaching.

MECHANICAL CRITERIA

In our case, the initial criteria applied are purely mechanical. Any hint of trans-disciplinary interest means that the candidate loses the chance to be interviewed. And those who somehow escape this fate are ultimately sized up at the time of interview in terms of the lobbies they might belong to. Someone rare enough to be independent of personal as well as intellectual lobbies is the first to be eliminated. In the semi-final act of short listing, those lacking support from the dominant lobbies get weeded out. Then, in the ultimate moment, hard bargaining takes place and the institution’s future gets sealed. If there is someone with an unusual background or achievement, you can depend on the selection committee to find a technical ground to reject him or her. The only way he or she might get appointed is if a determined Vice-Chancellor forces the person in. Democratic procedures and correctness have become incompatible with respect for quality. Our universities feel comfortable with the labyrinth of eligibility norms that the University Grants Commission has nurtured with relentless energy to issue circulars over the decades. Selection committees debate over the finest of technicalities to justify the selection of the average, allowing anyone with sheen to get stuck and lost in the maze of criteria.

The second major difference between our universities and the western ones relates to the concept of teaching. We calculate teaching in terms of periods taken. The Radhakrishnan Commission had bemoaned the fact that our colleges work like higher secondary schools. More than six decades after the commission gave its report, life in our undergraduate colleges is just the same. The UGC demands 18 periods of teaching per week from an assistant professor. “Isn’t that reasonable?,” one might ask. Of course, it is, if you ignore what the word “teaching” means. The practice of calculating teachers’ daily work by counting the number of periods they stand beside the blackboard exposes the hollowness of our system and the concept of education. It also shows how little we have progressed since colonial days when accountability was tied to crude measures. How far Britain has moved away from the procedures it introduced in India long ago became apparent to me a year ago when I was invited to serve on a course evaluation committee in a British institute. After examining the course content, the recommended readings and the description of each lecture session taken through the year, the committee met groups of students from the previous three years. We also read the detailed feedback each student is required to give at the end of each course.

Our discussion with students and — separately — with their teachers was frank and detailed. We learnt how students assessed their teachers in terms of preparedness for each class, personal interest in the subject, the pedagogic strategies used to arouse interest, and not just regularity — which was, in fact, taken for granted. In India, we worry about attendance records to keep the student under pressure to attend classes that may be altogether devoid of intellectual stimulation. Despite attendance norms being stringent, there are classes without much attendance. There are also numerous cases of attendancewithout classes. An obsolete system of examination helps teachers who miss classes and make no effort to relate to students. There are many who take the number of periods required, but their classes have no soul or spark.

CONCEPT OF KNOWLEDGE

The third critical difference between life in an Indian university and a university in the West arises out of the concept of knowledge embedded in the system. The crude measures our regulatory bodies such as the UGC apply in the name of accountability mask the epistemic sterility of the curriculum, the pedagogic process and examination. In the West, curriculum and pedagogy both follow the teacher’s own research interests. Even smaller universities with limited resources attempt to cultivate a research environment. Topics of research reflect the university’s concern for the social and natural world surrounding it. Research is seen as an inquiry to solve problems as well as to induct the young into a community of inquires. Keeping a record of hours spent on direct teaching becomes irrelevant in such a system, even in the case of undergraduate students. To keep their research interests alive and popular, senior professors engage with young undergraduates who bring fresh questions and perspectives to ongoing inquiries. In India, you stop teaching undergraduate classes as soon as you attain professorial status. Teaching and research are seen as two separate activities. While teaching is perceived as institutional work, research is viewed as a personal agenda for moving forward in one’s career. Not surprisingly, infrastructure and administrative procedures that might facilitate research do not exist. Obstacles do, and the teacher who makes the mistake of initiating a research project has to struggle all the way to its completion and the ritual of report submission to the funding agency. No one among colleagues or in the administration cares to know the findings, let alone their implications. Teaching goes on following the grooves of preset syllabi, like the needle boring into an old gramophone record.

The fourth critical difference lies in the library. In the West, even in the most ordinary universities, the library forms the centre of life, both for teachers and students. Librarians enjoy a high status as their contribution to academic life cuts across academic disciplines. They work closely with teachers and students in the various tasks involved in procurement of books and journals, keeping the library quiet and friendly, and ensuring speedy access. Our case is the opposite. The library exists on the margins of the classroom. In many universities, undergraduate students are not allowed to use the university library. Subscription to journals and magazines has dwindled over the years, and maintenance of past volumes is now seen as an obsolete practice because e-storage is available. We forget that the library is not merely a service; it is also a physical space whose ethos induces the young to learn the meaning of belonging to a community of scholars. Our reading rooms carry an unkempt, hapless look, with clanking ceiling fans and dog-eared books waiting to be removed. Book acquisition has been saturated with petty corruption and a crowd of spurious publishers has thrived on the outskirts of the academia.

SYMPTOMATIC

These four critical differences are, of course, symptomatic of deeper problems entrenched in structures that govern higher education in India. Those who perceive all problems in financial terms miss the barren landscape of our campuses. Inadequacy of funds is, of course, worrisome, but it cannot explain the extent to which malice, jealousy and cussedness define the fabric of academic life in our country. There is a vast chasm that separates the Indian academia from society. Let alone the masses, even the urban middle class cares little for what goes on inside classrooms and laboratories.

The citizenry does not see higher education as an intellectual resource. Nor do political leaders. The only commonly understood purpose that the system of higher education serves is to alleviate — and keep under tolerable levels of discomfort — what the British economist, Ronald Dore, has called the ‘Diploma Disease’ in his 1976 classic on education in developing economies. Dore has explained why a country like ours will continue to lag behind the West in knowledge and technique so long as we keep using mark-sheets and certificates to screen the young for further education and employment. His insight that the valid goal of widening the pool of talent is defeated by bureaucratisation of selection continues to be pertinent across the colonised world.

(The writer is Professor of Education at Delhi University and a former Director of NCERT.)

News published on The Hindu

Singapore celebrates 47th birthday

Singapore celebrates 47th birthday
By Tan Qiuyi, Vimita Mohandas, Joanne Chan | Posted: 09 August 2012 2014 hrs
SINGAPORE: Singapore marked its 47th birthday on Thursday with tens of thousands of people gathered at the downtown Marina Bay area to soak in the celebrations.

The Marina Bay area was a sea of red as 26,000 spectators packed the floating platform - the centre of activity.

And it was n

othing short of fun-fare and bright smiles.

Singaporeans of all ages and families were eager to enjoy the birthday celebrations - themed "Loving Singapore Our Home".

A spectator said: "The favourite part is the parade when I see all the officers in their dresses (uniforms) - it makes me proud; they look beautiful, wonderful."

The Red Lions - free-fallers from the Singapore Armed Forces - were the usual crowd favourites.

Adding to the pomp of the parade was the Commitment to Defence March with some contingents marching in from the seating gallery amidst the spectators.

New at this year's parade was the colour dress theme - red and white - seen on many of the MPs, cabinet ministers and former Minister Mentor Lee Kuan Yew, compared to the mainly all-white of previous years.

And making his first inspection of the parade contingent as Head of State was President Tony Tan Keng Yam, who took office in September last year.

This year's parade commemorated 45 years of National Service paying tribute to NSmen - past and present - with a 10-minute salute from the ground, the sea, and the air.

The sky was definitely not the limit for this year's fireworks display.

The Singapore SOKA Association - a long time contributor to the National Day Parade - upped the ante with a stunning display of pyrotechnics.

By sun-down, more than 4,000 performers put up a spectacular show - urging everyone to reflect on what they love about Singapore.

A spectator said: "Not only loving ourselves, our family, probably we should also love those who come to our shores to better themselves and better their lives."

A large part of the success of the parade was also due to the enthusiastic crowd who have been cheering on the participants non-stop throughout the whole day.

Mr Choo Khoon Hock, who has attended every single National Day parade since the first one in 1966, said: "Partly, I was in the Cadets Corp and I liked the marching tune, I joined the Singapore Volunteers Corp, so I got hooked! Every August, I would spend my time seeing every rehearsal."

Spectators also grooved to the medley of National Day songs through the years.

The parade culminated with a burst of colours in the sky, a fitting end to a superb birthday celebration.

- CNA/ck

Singapore Prime Minister Lee Hsien Loong in his 2012 National Day Message.

Happy Birthday Singapore

Graduates’ starting pay higher this year despite slowdown sentiments

Despite sentiments of a slowdown emerging in the global economy, global management consulting firm Hay Group said that fresh graduates will fare better this year, with employers in Singapore offering a higher base salary compared to their 2011 cohorts.
For immediate release
SINGAPORE, July 30, 2012 – Despite sentiments of a slow

down emerging in the global economy, global management consulting firm Hay Group said that fresh graduates will fare better this year, with employers in Singapore offering a higher base salary compared to their 2011 cohorts.
According to Hay Group’s Fresh Graduate Pay Survey 2012 conducted in June, the average starting monthly pay for degree holders across the three qualification categories — without Honors, with Honors (Second Lower and Below) and with Honors (Second Upper and Higher) — is S$2,678, S$2,766 and S$2,882 respectively.
The survey, which drew participation from 79 companies across general industries in Singapore, showed that jobs in Engineering ranked at the top, commanding the highest average starting salary of S$2,777 per month for degree holders (without honors), followed by jobs in Research & Development (S$2,764 per month) and Merchandize Operations (S$2,742 per month). See Tables 1-3.
For diploma holders, jobs in Merchandize Operations command the highest average starting salary of S$1,934 per month, with Design/Creative jobs coming in second (S$1,915 per month) and jobs in Research & Development following suit (S$1,903 per month). The average starting pay for diploma holders is S$1,866 per month.
Mr Victor Chan, Regional General Manager (Singapore and ASEAN) for Productized Services, Hay Group said, “In spite of the high volatility of international financial markets and the economic uncertainty in Europe, companies in Singapore continue to engage in the graduate talent war. Employers are setting a higher benchmark for the starting pay package for fresh graduates this year especially for engineering graduates.”
Return on investment
For diploma-holders who are considering investing in a degree, the Hay Group study shows that employers in Singapore place a premium of 48.7 per cent for average degree holders over diploma holders in terms of starting salaries.
Meanwhile, the premium which employers place on a Master’s degree over average degree holders is 11.9 per cent.
“For Master’s degree holders, the key determinant of their remuneration package will depend on the institution where they attained the higher qualification as well as the area of professional specialisation they belong to,” said Mr Chan.

Fresh grads get higher starting salaries in Singapore: survey

Fresh grads get higher starting salaries: survey
By Gail Chai | Yahoo! Newsroom – Mon, Aug 6, 2012

It seems like the global economic uncertainty has not affected the starting salary of fresh graduates.

Fresh graduates in Singapore this year have been offered a higher starting salary compared to those who graduated in 2011, according to human resources consulting firm Hay Group in a press statement last week. 

In the “Fresh Graduate Pay Survey 2012” conducted by Hay Group, 

it was found that the average starting monthly pay for university graduates increased by 1 per cent to 3 per cent this year and that includes degree holders without Honors and with Honors, second upper and higher.

Those without Honors drew S$2, 678 while those with second upper Honors and higher drew S$2, 766 and S$2, 882 respectively.

According to the survey, which covered 79 companies across general industries in Singapore, engineering jobs ranked the highest in terms of starting pay, providing fresh grads a monthly average starting salary of $2, 777 for those without Honors.

Jobs in research & development and merchandise operations ranked second and third, with the grads earning S$2, 764 and S$ 2, 742 a month, respectively.

Only 21 per cent MBAs in India are employable: study

            
Only 21 per cent MBAs in India are employable: study
Press Trust of India | Updated: August 07, 2012 19:15 IST
The employability of management graduates in India has declined in the past five years, as only 21 per cent of MBAs surveyed are 'employable', a study has said.

According to the MBAUniverse.com-MeriTrac Employability Study 2012, which covered 2,264 MBAs from 29 cities and 100 B-Schools, 

beyond the top 25, only 21 per cent are employable.

The previous study of 2007 by MeriTrac had placed employability at 25 per cent.

However, the number of MBA seats in India has grown almost four-fold—from 94,704 in 2006-07 to 3,52,571 in 2011-12—resulting in a five-year compounded annual growth rate of 30 per cent, but their employability rates have fallen, the study said.

The students were tested for verbal ability, quantitative ability and reasoning by using internationally standardized tests on behalf of recruiting companies.

The index of employability, at 21 per cent mark, leaves scope for improvement considering that organizations hire from this talent pool for strategic roles and this is the managerial pool that companies bank on, the study pointed out.

"This report clearly brings out the employability gaps across various competencies and highlights the need for scientific examinations and tests to align the candidate skills to employability metrics," MeritTrac Services India CEO and director S. Murlidhar said.

Overall average percentage score obtained by MBAs in verbal ability, quantitative ability and reasoning was 52.58 per cent, 41.17 per cent and 37.51 per cent, respectively.

While performance on verbal ability seems to be satisfactory, reasoning is an area where there is scope for improvement. Considering that the elements of the reasoning test are crucial to making sound management decisions, this is a result which warrants closer attention, the study noted.

"Questions are asked about the talent coming out of MBA colleges, and whether they create a workforce responsive to the needs of the economy like understanding of business and on-the-feet thinking. So, decision-making skills are being valued more than ever," MBAUniverse.com chairman Amit Agnihotri said.

This is Our Home A National Day Song for 2012

NDP 2012 Theme Song Love at First Light

SINGAI NAADU Official Music Video

Beautiful Country with dynamic, innovative, brilliant...Love You Singapore :-)