Singapore's economy must grow for pay to go up: PM Lee
Salaries remain a key issue for workers, said Prime Minister Lee Hsien Loong yesterday, recounting conversations he has been having with union leaders in the lead-up to Labour Day.
But for incomes to rise, the economy must grow, Mr Lee said, making clear the centrality of economic growth which has been disputed by some who are worried about foreign workers and inequality. "Everyone would like their lives to become better and one important way of doing that is to make sure your pay goes up, especially with low-income workers. And for the pay to go up, the economy has to grow," Mr Lee said in an interview with reporters on the sidelines of the Asean Summit in Brunei.
The Prime Minister traditionally delivers his May Day Rally on May 1 each year.
Singapore has entered a new phase of economic development in which growth will come from qualitative upgrading, Mr Lee said yesterday.
The track record in the past 10 yrs shows "economy grow is for pay rise on the top 5-10% echelons and the Corporate value.
It was not meaningful to the mid- and low level income groups because of the influx of cheap FTs.
Will PAP go for the same trick again?
IMO, kicking out cheap FTs (as well as PMET level FT) will raise local salaries immediately.
Salaries remain a key issue for workers, said Prime Minister Lee Hsien Loong yesterday, recounting conversations he has been having with union leaders in the lead-up to Labour Day.
But for incomes to rise, the economy must grow, Mr Lee said, making clear the centrality of economic growth which has been disputed by some who are worried about foreign workers and inequality. "Everyone would like their lives to become better and one important way of doing that is to make sure your pay goes up, especially with low-income workers. And for the pay to go up, the economy has to grow," Mr Lee said in an interview with reporters on the sidelines of the Asean Summit in Brunei.
The Prime Minister traditionally delivers his May Day Rally on May 1 each year.
Singapore has entered a new phase of economic development in which growth will come from qualitative upgrading, Mr Lee said yesterday.
The track record in the past 10 yrs shows "economy grow is for pay rise on the top 5-10% echelons and the Corporate value.
It was not meaningful to the mid- and low level income groups because of the influx of cheap FTs.
Will PAP go for the same trick again?
IMO, kicking out cheap FTs (as well as PMET level FT) will raise local salaries immediately.
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