Published in The Straits Times, 30 April 2011 by Cai HaoXiang and in the TODAY newspaper on 30 April 2011 by Christopher Howells
The National Wages Council (NWC) has called for higher wage increases for workers in Singapore. The recommendations cover the period 1 July 2011 to 30 June 2012 and take into consideration the robust economy (which grew 14.5% last year), good prospects (forecasted growth of 4% to 6% this year), and good performance of many companies.
In a cautionary note about inflation, the NWC has recommended making one-off special lump sum payments, especially to lower wage workers, to help them cope with rising costs.
Other key recommendations by the NWC include:
– the use of variable payments depending on company performance and cost-competitiveness;
– more attention for low wage workers;
– greater focus on productivity, with the principle that wage increases should lag productivity growth; and
– greater help for older workers to be gainfull employed.
Read the original article from the Straits Times here; from the TODAY newspaper here; or follow this link to related articles.