In the past, one good reason to accept a scholarship was that it would add strong value to your resume. In other words, the "ex-PSC scholar" stamp would help to open doors in future. However, in my opinion, the value of the "ex-PSC scholar" stamp has somewhat eroded. I believe that it will continue to erode steadily over the years.
The reason is simply Singapore's foreign talent policy.
Fifteen years ago, most job candidates in Singapore came from a well-standardised and easily recognisable system. They were Singaporeans; went through the same education system; studied the same textbooks; sat for the same exams; and were graded and streamed according to the same rules administered by the same government.
Accordingly, comparing the relative "quality" of job candidates was a straightforward process. Within this system, PSC scholars represented the highest achievers. Hence the "ex-PSC scholar" label was valuable in the skilled job market. It clearly marked you out as much superior to the average job candidate (the one who was posted to East Toa Payoh Junior College, took only three A-level subjects and didn't even qualify to pick up an application form from PSC).
Things are different now. A much higher percentage of job candidates in Singapore do not come from that same old recognisable system. Instead they come from education systems in diverse countries such as China, India, Hong Kong, the UK, the US, Malaysia, Australia, the Philippines and elsewhere.
In other words, the common ground for easy comparison has shrunk drastically. The "ex-PSC scholar" label has become much less obvious as a stamp of excellence.
In addition, nowadays many prospective employers in Singapore are not native Singaporeans themselves. They are "foreign talent" and grew up in some other country. So they are quite unfamiliar with the local education system. Even if they have settled here with their families for some time, their children are likely to be attending the international schools here.
Thus it does not necessarily mean anything to your job interviewer if you say that you were an RJC boy who scored straight A's in your Cambridge A-levels; Distinctions in your S-Papers; and were a PSC scholar. His response may simply be: "Oh ... What is RJC? What is S-Paper? What is PSC?".
He may not even know what the Cambridge A-levels are. Depending on where he came from, he would be more familiar with "Advanced Placement", "Senior High School", "International Baccalaureate", the "STPM", the "HKALE", or the "National College Entrance Exam". If you show him your string of beautiful straight A's for your A-levels, he may simply form the impression that the Cambridge A-levels must be very substandard examinations, where many people easily score good grades.
Recently, I was telling a foreign colleague of mine about PSC scholarships. Halfway through our conversation, he said, "Oh, I guess these scholarships must be for poor people."
I said: "Why do you say that?"
He said: "Well, otherwise they surely wouldn't accept the bond. It's a kind of slavery, isn't it? In exchange for financial aid?"
So in time, you see, the things we traditionally associate with the "ex-PSC Scholar" label may change significantly. Some foreigners in Singapore already associate it with a financially disadvantaged family background, LOL.