Fair points but a rather myopic view.

Firstly, there are certainly strong stat boards like EDB and MAS which are traditionally more attractive to scholarship applicants as a stint there would make you more marketable to the private sector. Secondly, AOs who spend all their years in Ministries are generally not so attractive to private sector employers like MNCs and banks because they don't really have client contact or marketable skills which can be picked up at the economic stat boards (with the exception of maybe investment banking and management consulting, which some ex-AOs have broke into but at junior levels). So I wouldn't say that "all stat board scholars are PSC-SAFOS and PSC-OMS rejectees." There are very good reasons why some very good scholarship candidates prefer to work at strong stat boards than in Ministry HQs.

Also, if you are planning to work in the private sector, who really cares about whether you are SAFOS, OMS, SPFOS??? All this stratification is created by the Singapore Government to attract many academically-excellent but impressionable 18-year olds who want scholarship prestige but later regret and break bond. What matters in the pte sector is performance and networks. There are many smart people from our local universities who are doing just as well if not better in terms of pay and prospects than SAFOS/SPFOS/OMS. And some SAFOS/SPFOS/OMS scholars may find that they have to start from scratch if they decide to leave the shelter of the Govt and join pte sector since they don't have relevant experience.

So bottom-line is, don't apply for scholarship just because you want to seek prestige and money. Apply only if you think it is something you would enjoy doing. Be clear on what you want to do in life. If you are not clear, then keep your options open. Our local universities are great institutions and you don't have to be a scholar to succeed in Singapore. If you are smart, you can work anywhere globally and not get stuck in Singapore by a bond. :-)