Question about PR, EP and PEP

[lws]

Situation:
-I'm currently employed with with a MNC with P2 EP. Salary 6k+. Been here for 2 years already. Malaysian.
-I sent in an application for PR last month. At the moment status is still "pending"

Complications:
-Recently got into a fight with boss. Might get fired.

Question:
1)If I get fired from my job before the PR is approved, will I lose my chances?
2)If I managed to find another job but with a much lower salary - lets say as a macdonalds store manager (salary about 2.5k), will it affect my PR application?

3)Assuming that my chances of getting PR = 0%. Is it advisable to apply for a personal employment pass so that I at least have a buffer to find another job?
3a)Must you be currently employed to be able to apply for PEP or can it be applied at any time any place? At the moment I should be qualified for PEP but I'm still holding a P2 pass hence the confusion.
3b)If I apply for PEP and it is approved, and I'm currently still employed with that MNC, what happens to my P2 pass? Do I give it back/cut the card?

WS

[sundaymorningstaple]

In one sentence you claim you are on a P2 Pass and in another sentence you claim you are on a P1 pass yet you claim your salary is only 6K......

[lws]

Sorry, typo. It is P2. Salary is only 6.5k. So can't be P1. Number on keyboard very close to each other

[sundaymorningstaple]

If you are Malaysian Chinese, go ahead and apply for a PEP. However, if you are already on a P2 why do you want to get a PEP. In 5 years it runs out and you will have to go back onto an EP again (if you can get one). On the other hand, if you are not Malaysian Chinese, the choice is yours as the odds of securing PR if other than Chinese, will be virtually zero.

[lws]

Well the thought goes like this:
1)I might be fired. (really not everyone has the best relationship with their boss...)
2)I still have obligations here in Singapore, such as phone contracts and some bank loans. So I would want to pay them off before I move on. Losing the ability to work is a problem.

Getting a PEP was just a way to have more certainty on what to do next. But like I mentioned before, I'm just not sure how this will affect my PR application.

In a worst case scenario, if my PR gets rejected then having a PEP will help me try for a PR again some time down the road.

And yes, I'm Malaysian Chinese.