Bank’s vp displaced by msian boss who siam ns,now earning only $3500 in contract role

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An honorable member of the Coffee Shop Has Just Posted the Following:

BANK’S VP DISPLACED BY FOREIGN BOSS NOW EARNING ONLY $3500 IN CONTRACT ROLE

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20 Jun 2014 - 4:12pm








Dear The Real Singapore,

I would like to share my experience with you about how I was kicked out of a bank by my foreign talent boss and am now struggling to make ends meet in a contract role.

I had graduated from NTU with a BBA degree back in 2002 and started out working in the financial advisory department of a Big 4 accounting firm. After 7 years of working there, I left at the manager level and joined a bank as an Assistant Vice President.

Things were quite good at first, given the shorter working hours at the bank compared to the Big 4 and the pay-bonus package was much better. In 2011, I was promoted to the Vice-President as the deputy head of a department.

All these changed when they got a Malaysian to take over my boss as my boss had left to do her MBA in the US. The Malaysian boss was extremely unreceptive to feedback and was a harsh micro-manager. His harsh style had essentially forced an associate to quit.

The new Malaysian boss would often push for unreasonably deadlines and even fussed about the time the staff took while out for lunch. All of a sudden, I was told that I would be given 6 months’ termination pay because the information I submitted to my boss had no value in decision making.

After checking up on him, I realised he was educated in Singapore since secondary school but didn’t want to take up PR only until recently to avoid CPF as well as NS duties. This shocked me beyond words that our government is letting someone enjoy the benefits of residency without the costs.

Initially I was in denial to I took a month break to Tioman where the people were extremely friendly. But when I came back, I could not find a job in other banks as it seemed that most banks are infested with foreign managers who prefer their own kind and are not willing to give locals a chance. This was confirmed by my former classmates and associates.

In the end, I was jobless for more than a year but the retrenchment pay was good so it basically tide me over for that year. After that, I managed to secure a contract role doing some financial projections for M&A consultancy paying me the salary of a junior executive even though I have more than 12 years’ experience with half in a managerial position.

I must have been living in my comfort zone for too long such that I did not even realise that the dynamics of business has changed due to the government immigration policies: companies are now hiring people on contracts to avoid long-term commitment while foreigners are depressing wages and putting up a barrier to recruiting Singaporeans in well-paying jobs.

=> a.k.a 60.1%!

I am still single and have some savings and a small 2-bedroom condo which I am able to rent out. Not sure about what I will do after that, but semi-retiring in Thailand while teaching English may not be a bad idea. However, I am still in half-denial about what has happened to the state of our country, after all the sacrifices we have made.

The message is quite clear at this point. If the PAP does not get voted out anytime soon, it is only a matter of time before we all suffer as PMETs.

Thanks,
Joey
TRS reader


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