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| Ultra competitive job market with Insufficient Pay |
The latest study by on-line recruitment company, Jobstreet.com revealed the plight of these new entrants wandering into the job market.
Earning a meager starting pay of an average of RM 2,500, graduates in the job market are struggling to make ends meet, so revealed this poll.
Some 2,062 of the new workforce in various industries participated in this poll. They were asked about their income and expenditure.
Jobstreet reported that 77% of the respondents did not have any savings after spending on essentials. Essentials here would include car loans and mandatory payback on study loans as the major commitments.
Because of higher fuel prices, transportation costs were among the top expenses. Some RM 1,500 of their salary go towards essentials.
Fortunately, some of these graduates had the safety net of their parents to rely upon. The study found that 50% of these graduates lived with their parents while 30% co-rented out houses with friends and colleagues. The balance had to live on their own.
For 87% of them, they have only one job and salary source. As such, do not be surprised when fresh graduate interviewees brazenly asked for above market rates from RM 3,500 to RM 6,500 for their start-up jobs.
However, sadly most employers were only prepared to offer fresh graduates salaries from RM 2,500 to RM 2,800 monthly. As such, its no wonder that fresh graduates, trying to cope with increasing living costs,are always on the look-out for better paying jobs, causing high turnovers in some industries, reported some 66% of of employers interviewed.
So, for those joining the job market soon, be ready to face the bleakness of working life--high inflation rates,lower standards of living, possibly more debts and utter depression as your lunch and dinner budgets continue shrinking.
Come next April 2014, it could be certainly be worse with the implementation of GST.
So do not hesitate to cry, won't you?
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