Labour chief says Singapore's slide into recession unavoidable
By Dominique Loh, Channel NewsAsia | Posted: 11 October 2008 2005 hrs

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SINGAPORE: NTUC's secretary-general Lim Swee Say said workers understand that Singapore's slide into recession is unavoidable because the country is part of the global financial system.

Speaking to the media during the "Money Sense" seminar on Saturday, the labour chief said the situation is not due to the fault of the government, employers or unions.

"Money Sense" is a programme designed to help Singaporeans understand money and investment matters.

Now that Singapore is in a technical recession, how money is spent and saved may be of bigger consequence. A website has been set up to engage Singaporeans online on the topic of financial security.

A poll has shown that out of 130 NTUC members, 32 per cent of them did not really care about money matters and more than half of them did not even have a financial plan.

In the same survey, 7 per cent of the respondents said they considered themselves a financial guru, meaning they saved up to 30 per cent of their monthly income, and they had at least three times their monthly salary to tide over tough times.

Giving some financial advice at the seminar, Mr Lim said: "Every month, when I receive my CPF statement, I feel so rich and the best part is, I know the CPF money won't run away. CPF will still be around for a long, long time to come... Not only is it earning good interest, my capital is protected."

Experts at the seminar said one is never too old to start financial planning.


- CNA/so