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SINGAPORE: Retrenchments in Singapore may be on the cards if the global economic crisis persists.
And Singaporeans must be prepared - that their wages will be affected, said labour chief Lim Swee Say.
He was speaking to the media on the sidelines of a tripartite forum on industrial relations on Thursday.
Mr Lim said there is no running away from the current global economic downturn. But on the bright side, he said, Singapore is ready for the challenge.
"At this moment, there is no sign yet of rising retrenchment. It's because of the various measures we have put in place so far. However, as the downturn continues, we can expect realistically that the retrenchment may pick up," said Mr Lim, who is the Secretary General of the National Trades Union Congress (NTUC).
Going forward, he urged companies to find ways to cut costs and upgrade their operations. For workers, there is a need for continued retraining.
Mr Lim warned that wages will also be affected. But he added that adopting a wage inflation approach - where wages are increased to offset inflation - will not help.
That is where the government has stepped in with non-wage support, such as Growth Dividends and Workfare Income Supplement.
Mr Lim said: "Let's accept that there's no guarantee our real wages will not go down. In fact, they are likely to go down, but it does not mean the workers will be on their own.
"The government, labour movement, the tripartite partners will continue to keep in close touch with the ground, (and) when necessary, will support workers, in particular, the lower-wage workers and lower income households through non-wage measures."
Mr Lim said analysts are forecasting that 2009 will be worse than 2008 and the impact is still unknown. But he said it is crucial to manage wage increase to help make Singapore's economy competitive.
- CNA/ir
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