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SINGAPORE: Minister in the Prime Minister's Office, Lim Boon Heng, has said that a cut in contributions to Singapore's national social security savings plan, the Central Provident Fund (CPF), is not justified at this point in time.
Speaking to unionists at the Singapore Industrial and Services Employees Union Dinner and Dance on Friday, the minister pointed out that the wage structure in Singapore has enough flexibility such that a CPF rate cut should be a last resort.
Rank-and-file workers, for example, have 20 per cent of their annual wages tied to a variable component. 10 per cent of monthly wages also go to this flexible component. For executive and managers, the flexible component is even higher.
Apart from using the flexible wage system, Mr Lim said companies can also look at offering workers shorter work weeks.
The former National Trades Union Congress secretary-general spelled out three priorities for unions. These are to preserve jobs, help the unemployed find jobs and help workers cope with financial hardship.
Mr Lim said the silver lining for workers is that there are jobs available so long as they keep their skills relevant.
He noted that more than 45,000 jobs will be created over the next two years in sectors such as healthcare, retail, construction and education.
The former labour chief also made a pitch for older workers, calling on employers to value them for their experience.
He said older workers have gone through business cycles before and therefore know how to deal with a downturn. - CNA/yb
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