Is the National Wages Council Necessary to Singapore's Economic Progress?

This year, the National Wages Council (NWC), a body comprised of union, employer, and government representatives, will render its 10th recommendation for wage increases in Singapore, thus completing a decade of guided wage increases. Now that the 3-year higher wage readjustment period prescribed by...

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Main Authors: PANG, Eng Fong, Quek, P. L.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 1980
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Online Access:https://ink.library.smu.edu.sg/lkcsb_research/442
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spelling sg-smu-ink.lkcsb_research-14412010-09-23T06:24:04Z Is the National Wages Council Necessary to Singapore's Economic Progress? PANG, Eng Fong Quek, P. L. This year, the National Wages Council (NWC), a body comprised of union, employer, and government representatives, will render its 10th recommendation for wage increases in Singapore, thus completing a decade of guided wage increases. Now that the 3-year higher wage readjustment period prescribed by the government is almost over, observers are questioning whether the NWC has any other role, and critics are suggesting that the body might actually be standing in the way of progress. The accepted wisdom in Singapore is that NWC guidelines benefit the country, but some believe that NWC mandates constrain market forces, and thus inhibit rapid adjustment of labor supply to changing patterns of labor demand. NWC's emphasis has changed from pure wage recommendations to regulation and interference with market forces, the assumption seemingly being that market forces cannot be trusted to produce the best results for the Singapore economy. A guided wage policy is no longer in the best interests of Singapore because it does not lend itself to the development of a high technology manufacturing sector and professional/technical personnel that are important to the nation's future. 1980-01-01T08:00:00Z text https://ink.library.smu.edu.sg/lkcsb_research/442 Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University Business
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Business
spellingShingle Business
PANG, Eng Fong
Quek, P. L.
Is the National Wages Council Necessary to Singapore's Economic Progress?
description This year, the National Wages Council (NWC), a body comprised of union, employer, and government representatives, will render its 10th recommendation for wage increases in Singapore, thus completing a decade of guided wage increases. Now that the 3-year higher wage readjustment period prescribed by the government is almost over, observers are questioning whether the NWC has any other role, and critics are suggesting that the body might actually be standing in the way of progress. The accepted wisdom in Singapore is that NWC guidelines benefit the country, but some believe that NWC mandates constrain market forces, and thus inhibit rapid adjustment of labor supply to changing patterns of labor demand. NWC's emphasis has changed from pure wage recommendations to regulation and interference with market forces, the assumption seemingly being that market forces cannot be trusted to produce the best results for the Singapore economy. A guided wage policy is no longer in the best interests of Singapore because it does not lend itself to the development of a high technology manufacturing sector and professional/technical personnel that are important to the nation's future.
format text
author PANG, Eng Fong
Quek, P. L.
author_facet PANG, Eng Fong
Quek, P. L.
author_sort PANG, Eng Fong
title Is the National Wages Council Necessary to Singapore's Economic Progress?
title_short Is the National Wages Council Necessary to Singapore's Economic Progress?
title_full Is the National Wages Council Necessary to Singapore's Economic Progress?
title_fullStr Is the National Wages Council Necessary to Singapore's Economic Progress?
title_full_unstemmed Is the National Wages Council Necessary to Singapore's Economic Progress?
title_sort is the national wages council necessary to singapore's economic progress?
publisher Institutional Knowledge at Singapore Management University
publishDate 1980
url https://ink.library.smu.edu.sg/lkcsb_research/442
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