SIM-UOL fresh grad starting pay

can someone please explain why contract jobs at banks pay far lesser than permanent similar roles. May I know where does the pay difference go to.

Originally Posted by Unregistered

can someone please explain why contract jobs at banks pay far lesser than permanent similar roles. May I know where does the pay difference go to.

Cheaper to hire contracts. Banks just don't want to spend.

Originally Posted by Unregistered

Cheaper to hire contracts. Banks just don't want to spend.

But does any of it go to the recruitment agent? Or its just what the bank is willing to give

Originally Posted by Unregistered

Putting the pieces of information together here... fresh grad, contact job in a bank, so probably back office ops. 2K isn't unreasonable, although I've also seen higher. Range I've heard is $1.8K to $2.4K.

It is true. Contract job for bank usually dont pay alot especially if the person do not have experience and thus no bargaining power to speak of. 1.8k to 2.4k is pretty reasonable. But if u are doing admin work for contract in bank at 2k. It is really not worth it at all. At the end of the day, it depend on what position you working in rather than the pay itself. This is especially true where bank now are cutting jobs and only offer their position to the best candidate available.

Originally Posted by hopeless

Come on let's be nice. Anyway,

Does a SIM-GE degree render any civil service job applications useless? I mean is it true that they only consider graduates from NUS/NTU/SMU and that it's almost impossible for a graduate SIM-GE to land a job in the civil service, say in AGD, AGO etc?

Not trolling but it will be hard to enter civil sector. And they will be paid diploma pay since civil service dont recognise pte degree. So those pte U student that boast that they manage to get 4k when enter civil service are definitely blowing their own trumpets a little too loud

Originally Posted by Unregistered

u gotta be joking right?

local / overseas degree asking for 2k? den wtf u even take a degree for? avg degree fee easily costs 20k to 30k. how many years do u wanna work to recover your uni tuition fees?
unless u have rich parents paying for your sch fees...

if work for 2k, i might as well sign on with uniformed group or join civil servant as MSO.

heck, even a diploma holder who signs on with SPF as SGT alr earning low to mid 2s per month...

study so much for wat? lmao

2k is abit too low but some of the guy here could be right. If you dont want it. Someone else will take it. It is a law of supply and demand

Originally Posted by Unregistered

Cheaper to hire contracts. Banks just don't want to spend.

Not only that, more economically viable to hire at contract basis. Able to assess whether the person can do the job well. Also, can kick the person without any liability involved(never sign long term contract or anything) thus, many companies are following this culture. So these contract jobs are basically 'internship' this create disincentive for student to find a internship since contract job also a form of internship anyway

Originally Posted by Unregistered

can someone please explain why contract jobs at banks pay far lesser than permanent similar roles. May I know where does the pay difference go to.

Contract job is basically like OJT/internship. It is a better internship since you are paid higher as conpared to internship experience. Company that want to see whether the person can do the job well and fit the environment will hire them on contract basis

Originally Posted by Unregistered

Contract job is basically like OJT/internship. It is a better internship since you are paid higher as conpared to internship experience. Company that want to see whether the person can do the job well and fit the environment will hire them on contract basis

Nah thats just the official positive spin. Real reason is companies need to manage h/c and contain cost but cannot come up with policies that affect the perm employees and company branding, so they outsource to contractors.

Of course as time pass and situation change, there will be occasional permanent openings in which they will pick the best contractors to convert since it is less risky with proven track record from the person.

In difficult times like these, they will just renew and renew without offering perm no matter how good you are if they cannot secure the headcount approval. Ask the thousands of contractors in banking BO who have been renewing their 2 year contracts since 2008. They are still lucky, many average or poor performers were simply not renewed.

Originally Posted by MrFinanc3

It is true. Contract job for bank usually dont pay alot especially if the person do not have experience and thus no bargaining power to speak of. 1.8k to 2.4k is pretty reasonable. But if u are doing admin work for contract in bank at 2k. It is really not worth it at all. At the end of the day, it depend on what position you working in rather than the pay itself. This is especially true where bank now are cutting jobs and only offer their position to the best candidate available.

1.8 to 2.4k for a fresh grad? thats so fking embarrassing and unfitting for a graduate