oxygen: December 27, 2014 at 7:38 pm (Quote) SIR NELSPRUIT, I have always insisted that the PAP’s economic model drive for lowest wage policy via importation of foreigners is UNSUSTAINABLE. Glad to read that you changed your mind and agree that this model will eventually fail. For more than a decade now, our economy is disintegrating but MSM painted a picture of glorious success of wonder achievements – COMPLETE POPPYCOCK. It is in substance an eat-and-sh*t model of endless stimulus spending on construction, construction and more construction to feed the infrastructure support for a bigger and bigger population until this place COLLAPSE – we are not far from that looking at the torrid mess this failed governance has created of economic turmoil. To give it a facade of false vibrancy, they decorate Marina Bay with artificial beauties and now even plan to decorate Changi Airport with project Jewel proudly announced in its NDR 2013 speech. GDP will also be created by shifting port operations to Tuas and military airfield to Changi right at the water edge – most vulnerable to shelling of its runway by enemy naval bombardment in the future. ALL THIS FAKE ECONOMY RESTING ON ENDLESS CONSTRUCTION, and depressing wages for PEASANTRY whilst looking after their own paycheck to hunt for every cent to be gain of paying themselves. THIS IS A FAILED GOVERNANCE THAT MUST BE REMOVED and consigned to the dustbin of history forever after the next General Election. I have no confidence in them politically of governance nor of their economic management credentials – COMPLETE FAILURES. ------------------------------------------------------------------------------ Chris K: December 27, 2014 at 7:47 pm (Quote) The US is probably the last place you wanna use as a comparison for the efficacy of a minimum wage. In truth, the minimum wage is an inefficient tool because it does not take into consideration the variations of labour usage in different industries. Therefore a minimum wage set at a certain level may be too high for certain type of jobs but too low for others. What is better is a system of collective wage bargaining by industry sectirs. But for this to happen, there must be strong trade unions and a process of what the Germans called “co-determination” in which management and labour agree to wages, work processes and even corporate strategy. In a country like the US where there had been a continuous assault on trade unions, co-determination cannot work becos management will simply ignore the unions. It works for Germany due to the social market system where labour have a strong say in the direction of the economy. In Singapore we cannot have co-determination becos NTUC is co-opted by the government and the government bends backward to please the businesses. In this case, we have no choice but a minimium wage. It is inefficient but blame the govt for not laying the groundwork and support a system of co-determination between labour and management. The lack of pressure on businesses either from co-determination or from a minimum wage is a reason why productivity is abysmal since the businesses are given every opportunity to use cheap labour, thus preventing the economy as a whole to make productivity improvements.
Posted on: Sun, 28 Dec 2014 14:11:26 +0000
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