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SINGAPORE: Companies must always stick to the tenet of productivity leading wage increases – a point which the National Wages Council (NWC) has always emphasised when issuing their annual wage guidelines.
Singapore's labour market this year is set to end on a positive note and employers are optimistic about the new year.
Stephen Lee, president of the Singapore National Employers Federation, said: "We feel job creation will continue to be strong because of the few mega projects and they are all service projects and these service projects need a large number of service people. Our challenge is really to churn out enough quality service people to fill these jobs."
Nonetheless, the labour movement has urged Singaporeans to be prepared for any eventuality.
Heng Chee How, deputy secretary-general of NTUC, said: "We must always look at the boom as a window of opportunity during which we prepare ourselves for the next downturn in the economy, not that we wish for one, but for sure it will come. The question is what must be done."
The NWC chairman hopes both workers and companies will continue to focus on increasing productivity levels amidst the rosy times.
Professor Lim Pin, chairman of the NWC, said: "It's a good time to train and upgrade staff to make them more productive. The resources are there, the opportunities are there. It's a time to prepare to ensure we are always productive; we do not pay beyond our means. Productivity is a means of payment. If we pay beyond our means, we are in trouble. In the long run, we have got to ensure that we keep within that relationship of productivity and wage increase."
One group that should not be forgotten during the good times is the low-wage workers.
"In a good economy, it also offers us a good opportunity to see how to restructure, redesign and repackage jobs for higher value add and retrain the workers so that they can earn a better pay. So from the workforce point of view that will be our priority," said Mr Heng.
The NTUC will also focus its attention on enhancing the re-employment rates of older workers and encouraging more women to enter the workforce.
- CNA/so
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