There are several ways to train people to have the knowledge and skill for the workforce. The university is one option. There are other suitable options, such as apprenticeship and on-the-job training.
Certain people are suitable for academic and research work. The university is a good place for them.
Other people are suitable for technical, marketing or service work. They need to develop skills in the workplace. These skills cannot be learned in the university.
We need to reduce the wage difference between the various types of jobs, to encourage people to pursue the careers that are more suitable for them, and not to pursue a degree that are not useful to them.
The gap between the income of graduates and non-graduates is too wide in Singapore. It encouraged more people to pursue a degree, even when it does not suit them. This is wasteful.
The time spent pursuing a degree is at the expense of developing the skills and experience that are more relevant to their careers.
We need to achieve a better balance in Singapore, so that our human resources are developed more effectively to produce the competencies that are needed in the economy.