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Just made an impulsive PEP online application

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Callput
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Just made an impulsive PEP online application

Postby Callput » Mon, 26 Nov 2012 8:31 pm

Yes, very impulsive. Just gave it quick thought, googled for it, found the online application link, again gave a quick thought and decided I should go for it, atleast I dont need to worry for the next 2 years and within the next half hour I had already submitted it. :)

BTW, I have applied for PR and its still pending for the last 5 months. Although it looks like a desperate attempt to remain here at any cost, I had to do what it takes for the best interests of my family.

There has been quite a lot of uncertainty in our department and until now I always thought it wont be me. But today the global head of our department came and addressed us and gave a very sorry picture of outlook, although immediately no one is affected, but medium term i.e. 6 months to 1 year doesn't look too good. Often times its not the message but the way the message is communicated that makes the effect. He was very straightforward and I really appreciate that yet this one did get me quite depressed and hence the impulsive decision to apply for PEP.

The other option I could have taken is simply start looking for jobs outside and jump from the sinking ship. But then all banks out there are in troubled waters, so I am taking the "known devil better than the unknown angel" approach here.

Anyways, I am not sure whether the changing rules means that I will be rejected, but it allowed me to apply so I applied. I will update the outcome, which is expected in the next 2 weeks.

Cheers!

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JR8
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Postby JR8 » Mon, 26 Nov 2012 11:09 pm

Jeez I used to hate times like this. Not least because everyone takes it as a cue to work 80hr weeks to 'demonstrate their commitment'.

In retrospect now, I can't see it makes a difference. They already know where the axe is going to fall.

I'm not saying start doing 9-5, but try and be philosophical about what is to come, depersonalise it, and start considering plan #B. If you get through it (as I did I think 6 times!), then good for you!

Lucky 7? WTH invented that couplet... it didn't apply to me* lol...

Good luck!


p.s. *Or being philosophical, maybe it did, as it FORCED me to seek pastures new ;)

freeman.vu
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Postby freeman.vu » Mon, 26 Nov 2012 11:26 pm

Gluck to you CallPut. Let us know the result

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Postby vestapo » Tue, 27 Nov 2012 1:57 am

My best friend who works in a big MNC here also just submitted an impulsive PEP application, his company is planning to cut or relocate to India the whole department, both options would mean he will lose his job as relocating to India is not an option for most non-Indian Asian with family and kids. His PR application has been with ICA for 6 months with no idea when they will give a final results, it seems like the rush is going on before the 1 December deadline come and PEP is too high to reach for most people

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Postby freeman.vu » Tue, 27 Nov 2012 7:30 pm

Feel we are on same boat CallPut. I am not really sure my company which was a hedge fund last year, become a prop shop -like this year will become next year. Seems like it will get even worse...

Callput
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Postby Callput » Tue, 27 Nov 2012 7:59 pm

In my company case, which a large investment bank and I am in IT.
Earlier we had the model where New York had the majority of resources and then they started outsourcing a bit of it to Singapore and that continued for about 3 yrs. at the end of last yr the ratio was 50:50 resources between Singapore and New York.

Then came the decision to make India as the extended arm of Singapore as both belong to apac. The main motive was because its easy to ramp up capacity in india(atleast thats what they told us) and cost was also a factor.They experimented by hiring couple of resources there and they tasted some success. Now after one yr the situation is, there are more resources in India than Singapore, because people who quit in Singapore or New York were replaced by hiring in India. New York still remains the core where all the tech leads are. But Singapore now lacks the critical mass and it won't be too long when they decide that it doesn't make sense to have a couple of guys in Singapore. That's the fear. The writing is on the wall it's only a matter of time. It could be 6 months or 1 yr but unlikely to be beyond that unless some change in strategy and some new business comes our way.

This job is really cushy and it's hard to find an equivalent outside, so I guess I will stay on as long as possible.

vestapo
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Postby vestapo » Tue, 27 Nov 2012 9:08 pm

From what I can see, banks follow each other as they want to be competitive and sooner or later they will move majority of IT jobs to India, Credit Suisse did, so does Morgan Stanley and other banks are planning too. After all, most IT staff in singapore are Indians so it does not make sense paying a high salary for the same people just in different locations. India also has a better time zone overlapping with US than Singapore. IT is the lowest type of jobs in the food chain and so they are always target for cost cutting, it is too easy to hire an Indian to do an IT role and do not demand a high salary

vishalgupta2
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Postby vishalgupta2 » Tue, 27 Nov 2012 11:05 pm

vestapo wrote:My best friend who works in a big MNC here also just submitted an impulsive PEP application, his company is planning to cut or relocate to India the whole department, both options would mean he will lose his job as relocating to India is not an option for most non-Indian Asian with family and kids. His PR application has been with ICA for 6 months with no idea when they will give a final results, it seems like the rush is going on before the 1 December deadline come and PEP is too high to reach for most people


That's how it's intended to be.

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JR8
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Postby JR8 » Tue, 27 Nov 2012 11:12 pm

^ +1


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