Wage revamp could be risky for S'pore: experts
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SINGAPORE : Some recruitment experts have said the proposed wage shake-up by Professor Lim Chong Yah earlier this week could blunt Singapore's competitiveness, if implemented.
Professor Lim, who had chaired the National Wages Council between the 1970s to 2001, said there is a need to restructure wages to address the issue of growing income inequality in Singapore.
Among his suggestions are to progressively raise the pay of those earning below S$1,500 a month by 50 per cent over the next three years, and freezing the pay of those earning S$15,000 or more a month for the same number of years.
Experts said these ideas bear good intentions but they are also risky.
Tim Hird, managing director (Asia) at Robert Half International, said: "The country's ability to attract, retain and compensate its top individuals is going to be very important, and the primary reason for that is we do not want that talent leaving Singapore, going overseas to other countries. I think it is a lot harder practically to implement."
Ernest Kan, president of the Institute of Certified Public Accountants of Singapore, said: "As a result, you may have no choice but to move one or two persons below him to that S$15,000 category because that talent has left. By doing so, if the person is not ready, then that will affect productivity, because if he is not ready, it will take time to learn to do that job."
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They have had this current wage system for decades.
Has Singapore's productivity improved?
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We need to be cheaper better and faster.
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PAP lapdogs are the experts...............
all these talk of raising salaries..............been around for over 20 years..........will never happen
best if S'poreans work for free..............
S'pore now like Indonesia..............Elite and peasants...........
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Oh! Increase , raise the greedy PAPigs' salary is not risky???? !!
Who are the experts who? The bloody PAPigs, their bootlickers or both ???
If low wages remain forever, let's see the suicide rate goes up or not.
Damn the bloody experts!
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Seriously the PaPigs and their bootlickers deserve "cho".
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they will give 1001 excuses not to revamp cos they(the rich people)don' stand to gain anything!whereas those foreign workers they r happy with their wages already,cos of the high exchange rates!the govt should devalue the Sing dollar so that it will discourage foreign workers to come to work here!
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Originally posted by βÎτά:
They have had this current wage system for decades.
Has Singapore's productivity improved?
Hard truth.
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So will be implemented or not?
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Millionsters - NO
Experts (maybe member of white pants party) - NO
They are always giving lousy reason about productivity when wage increase for the people issues are raised. (Ignoring INFLATION).
The same lousy reason was given by Mr Peanut a few years ago.
When it come to their packet, they insisted that the wage increase is justified cos they are talent.
I guess they are talented parrot.
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Originally posted by QX179R:
Experts said these ideas bear good intentions but they are also risky.
There's risk in everything, for example Temasek lost billions in investments under Ho Ching. That is also risky.