The university graduate today is worse off than the ITE graduate of the past !

[mistersatki_]

Means last time housing was cheap before the economic boom of sg

If give you 400k 4rm bto some also will hiam this and that

 

[ST Optimist]

Leong Mun Wai : "Based on housing affordability, the median university graduate today is worse off than the median ITE graduate in the late 1970s and early 1980s."

He added that despite an "education arms race", university graduates today can only afford "smaller and more expensive flats than what an ITE graduate could have bought 45 years ago".

He further stated, "The prospects are even dimmer" for those without a degree are even dimmer for those without a degree"

In 1979:

• A university graduate's median starting salary was S$957 per month
• An NTC-3 graduate from VITB (ITE's predecessor) earned S$633 monthly
• BUT new four-room flat in new towns cost only $27k

HDB price was equivalent to:

• 28 times a university graduate's median starting salary
• 43 times a VITB graduate's median starting salary

BUT By 2024:

• A university graduate's median starting salary increased to S$4,500 monthly
• The cheapest four-room BTO flat cost S$290,000 (excluding grants)
• The cheapest five-room BTO flat was priced at S$427,000

HDB price was equivalent to:

• 64 times a university graduate's median starting salary for a four-room flat
• 95 times a graduate's median starting salary for a five-room flat

45 yrs different.....45 years 1-4% inflation every yr.....price about correct.

Also...
Last time no grant..... with higher n higher grant now....the price gap close....

Also 45 yrs ago...the flat n the surrounding simi also dun have, no pattern

Now a lot of development , everything nicer n more convenient.....flat also pattern alot n nicer.
....so direct price comparison is not really fair....

 

[bluerhino]

It is exactly why they bring this up.

People need to understand that they are not as well off as in the past.

HDB prices have gone up, but fresh graduates purchasing power has dropped.

Did you even read the previous posters reply? LMW cherry pick fresh grad salary of 900+ to compare against hdb price when average Singapore salary was only 300+. A better comparison obviously is average salary since hdb is aimed at average man on the street.

fast forward to today and average salary is higher than fresh grad salary. So tell me would his argument make sense if he used average salary to compare?

 

[ST Optimist]

True. Even comparing with ITE grads now.

If you take ITE in mechanics or plumbing, you may start out as a blue collar worker.

As times goes by, you may have more jobs without being retrenched. You may even be your own boss.

You might ended up earning more than a normal uni grad that has a degree in business.

Not true .....u r comparing the best ITE vs the worse uni grad.....how high a salary is a result of how high your career ambition.......not how high your paper qualification....almost all grad that end up high is not because of that paper qualification.....is because they know how to use their higher knowledge learn from university+ connection in university+ high drive n ambition ....n now there r more opportunity for them to become billionaire in this generation of grad using disruptive technology ....vs 45 yrs ago....almost never heard of any grad becoming billionaire 45 yrs ago...generation

 

[bluerhino]

Not true .....u r comparing the best ITE vs the worse uni grad.....how high a salary is a result of how high your career ambition.......not how high your paper qualification....almost all grad that end up high is not because of that paper qualification.....is because they know how to use their higher knowledge learn from university+ connection in university+ high drive n ambition ....n now there r more opportunity for them to become billionaire in this generation of grad using disruptive technology ....vs 45 yrs ago....almost never heard of any grad becoming billionaire 45 yrs ago...generation

Peter Lim

 

[ST Optimist]

should not even use the entire salary

in the past, savings were more. can use to pay housing

these days, a bigger portion is used for insurance because medical bills cannot play play. especially if starting family. there are higher utility bills and other living expenses such as food and transport.

i believe it is not simply just 28 vs 64

the disparity might be larger

Last time ppl dun buy insurance.....die die lo...... nowadays ppl buy insurance because they want class A ward which is often the result of insurance sales agent super convincing talk........ actually most ppl no need insurance if they choose class C ward..... because class C ward has the highest subsidy........

 

[JustForFun]

Life is tough and hard under the dishonourable and will get crazily suffering under the tax and vouchers LW ?

Key is today's PAP is beh kan and incapable ?

 

[ST Optimist]

Peter Lim

Ya he was from NUS ....enter the stock brokerage industry at the right time+ know the right ppl+ make the right deal + luck.....the new generation billionaire mostly from new technology startup

 

[ST Optimist]

Life is tough and hard under the dishonourable and will get crazily suffering under the tax and vouchers LW ?

Key is today's PAP is beh kan and incapable ?

Life was tougher 45 yrs ago....with not much entertainment n leisure.....no help in caring for elders.....electricity n water cut off is common....ppl only know how to work n nothing else......no such thing as work life balance nonsense in their dictionary.....

 

[boredom2012]

Shrinkflation of education, higher education has lesser value now compare to last time?

Yes. That's why people shouldn't go for doctorate or masters. It is a waste of time and money. Unless you are heading for research in institution

 

[ramlee]

Now people spend like free. Travel like an entitlement too. Eat casual F&B like free also. SG makes spending very easy. Companies dont increase salary for lifestyle changes.

This is the companies’ fault for not keeping out with the times! MOM should do something! Tan Ceiling, 你喺邊度??

 

[ramlee]

Life was tougher 45 yrs ago....with not much entertainment n leisure.....no help in caring for elders.....electricity n water cut off is common....ppl only know how to work n nothing else......no such thing as work life balance nonsense in their dictionary.....

We only take sbs bas, eat at hawker centre, watch 籠中人 on teebee

 

[ramlee]

Don't have meh? I'm sure still have something close to the price even now.

At bird no lay eggs place. mlmlwm

 

[parchiao]

Did you even read the previous posters reply? LMW cherry pick fresh grad salary of 900+ to compare against hdb price when average Singapore salary was only 300+. A better comparison obviously is average salary since hdb is aimed at average man on the street.

fast forward to today and average salary is higher than fresh grad salary. So tell me would his argument make sense if he used average salary to compare?

The previous post was from me. Median income is always a better number to use.

You have totally missed the point. You would think that my first response explains why, which does.

But it does not deny the fact that graduates are worse off now. The reason is because of the use of median income when establishing policies. There will always be one half that will be worse off. End of the day is a rat race that is never ending.

Contrast this with a policy that tried to raise levels of say the lower quartile to meet a minimum eg minimum wage, which we also one PAP uses.

 

[qhong61]

At bird no lay eggs place. mlmlwm

Beggar cannot be choosers.
At least dont need to sleep under overhead bridge.

 

[Eliwood]

2003, 27 year old, I buy HDB 4 room $120K no need to take mortgage wor, now can meh

Now still can dun take mortgage, just that amount went up between 2.5 to 3 times if u choose ulu west side.

Coincidentally median income also went up, albeit slightly less, by 2.3 times.

 

[Jiaksemo]

Not true .....u r comparing the best ITE vs the worse uni grad.....how high a salary is a result of how high your career ambition.......not how high your paper qualification....almost all grad that end up high is not because of that paper qualification.....is because they know how to use their higher knowledge learn from university+ connection in university+ high drive n ambition ....n now there r more opportunity for them to become billionaire in this generation of grad using disruptive technology ....vs 45 yrs ago....almost never heard of any grad becoming billionaire 45 yrs ago...generation

Am comparing the type of specialty they take la. Not the best ITE or the worse Uni grad. But more like the industry they are in and the competition that they are against

 

[ramlee]

so ... there's nothing to be done

沒有辦法的

 

[ST Optimist]

Yes. That's why people shouldn't go for doctorate or masters. It is a waste of time and money. Unless you are heading for research in institution

i only know ppl study n study because they dun want to work in real life...... n because they got money to keep studying n no need to work......

 

[ST Optimist]

Am comparing the type of specialty they take la. Not the best ITE or the worse Uni grad. But more like the industry they are in and the competition that they are against

Anyway want to make a lot of money got nothing to do with education level.....got more to do with work ambition...n love of a lot of money