Pushing the blame onto poor Sinkies as usual. Look, as long as people have secure jobs and sufficient incomes to support themselves and their families, they will tend to repay loans and make good on their obligations, especially if it is their own parents' CPF monies.
However due to the economic uncertainties and the tons of cheaper foreigners it is very tough for graduates to secure stable jobs much less well-paying ones. Many have to accept starting pay that is similar to 10 years ago, and have to settle for 6-mth or 1-yr contracts in order to survive.
What is also interesting is that the minister didn't reveal the trend of defaults. Has it always been constant at 5%? Does it correlate with the economy and recessions? Is it increasing over the years? What was the default rate in the early 1990s, the late 1990s etc?
Looking at MOM's statistics of unemployed uni grads, it might be better to save your CPF and spend less for polytechnic education. Not unless you can secure a place for professional degrees such as medicine, law, accountancy etc. And you better make sure you get at least 2nd upper honours!
Pushing the blame onto poor Sinkies as usual. Look, as long as people have secure jobs and sufficient incomes to support themselves and their families, they will tend to repay loans and make good on their obligations, especially if it is their own parents' CPF monies.
ReplyDeleteHowever due to the economic uncertainties and the tons of cheaper foreigners it is very tough for graduates to secure stable jobs much less well-paying ones. Many have to accept starting pay that is similar to 10 years ago, and have to settle for 6-mth or 1-yr contracts in order to survive.
What is also interesting is that the minister didn't reveal the trend of defaults. Has it always been constant at 5%? Does it correlate with the economy and recessions? Is it increasing over the years? What was the default rate in the early 1990s, the late 1990s etc?
Looking at MOM's statistics of unemployed uni grads, it might be better to save your CPF and spend less for polytechnic education. Not unless you can secure a place for professional degrees such as medicine, law, accountancy etc. And you better make sure you get at least 2nd upper honours!