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I am going to be painfully blunt.
Currently there are about 24,000 "sales persons" in the financial advisory line for our entire population of 5mil+. Conversely in US, the ratio stands at 1 "sales person" to 1,000 Americans.
If Singaporeans grow more financially literate/aware/conscious (whatever term you like to give), we can free 18,000 people from insurance jobs that are "destroying" the financial wealth of the people in our country; relocate them to replace industries suffering from a labour shortage. The current employment workforce of Singapore is 3,673,100 people (as of 31 Dec 2016). Freeing up 18,000 people is like "magically" boosting your workforce by 5%. This will definitely offset the 1.7% and 2.5% labor shrinkage the economists are so worried about
We just need to be smarter in managing our country's resources.
<Hoping MOM, MTI, MOF, MAS are reading this to understand the real problem and not via some scholarly paper>
Currently there are about 24,000 "sales persons" in the financial advisory line for our entire population of 5mil+. Conversely in US, the ratio stands at 1 "sales person" to 1,000 Americans.
If Singaporeans grow more financially literate/aware/conscious (whatever term you like to give), we can free 18,000 people from insurance jobs that are "destroying" the financial wealth of the people in our country; relocate them to replace industries suffering from a labour shortage. The current employment workforce of Singapore is 3,673,100 people (as of 31 Dec 2016). Freeing up 18,000 people is like "magically" boosting your workforce by 5%. This will definitely offset the 1.7% and 2.5% labor shrinkage the economists are so worried about
We just need to be smarter in managing our country's resources.
<Hoping MOM, MTI, MOF, MAS are reading this to understand the real problem and not via some scholarly paper>