Singapore is in a technical recession

The yr end festive season is not gonna be merry making afterall. Singapore is in a technical recession and the real-thing is probably gonna arrive next yr, when job cuts are looming and wage cuts are possible. While the Bank seems to be in a healthy position and i believe my job should be secure, i';ll have to bid farewell to generous bonuses (not that mine was ever so generous) and a possible career stagnation in my new team. Even while planning for the yr end Xmas campaigns, we are already aware that consumer spending will tighten and Xmas & CNY will not be so rosy afterall. Even lately, i m beginning to be more cautious abt my shopping expenditure though sometimes, the shoes and clothes are still oh-so-tempting. Haiz, as the saying goes "When u wanna buy something, u can never find the right thing to buy but when u don't wanna buy anything, everything seems so right to buy."

The team received the news yesterday that i decided to move on. Some of my colleagues were curious how did i make this happen & of course, were keen to know if i had any adjustment to my package. Nope, nothing at all. Everythg remained status quo & while i count my lucky stars that the trsf got approved before the Lehman saga, i can't help but drag my feet at the possible stagnation of salary (since u join new team & haven't had sufficient time to prove yourself, bosses will not revise your staff grade and salary during the salary review cycle) and now, the lousy bonuses upcoming. Banking & Finance is probably gonna be 1 of the worst industries to work in rite now. In fact, my existing role might not even be replaced. Anyway, that's for my boss to worry abt. I have been warned that the life "up there" is gonna be bumpy and extremely political. Looks like i gotta start watching my back again...