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<TABLE class=forumline border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=row1 vAlign=top width=150 align=left>Mick
Joined: 22 Nov 2005
Posts: 3236
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Posted: Mon Aug 30, 2010 12:03 am Post subject: PM Lee: Be careful with wage expectations</TD><TD vAlign=top noWrap>
</TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>dun expect too much hor...
<TABLE border=0 cellSpacing=1 cellPadding=3 width="90%" align=center><TBODY><TR><TD>Quote:</TD></TR><TR><TD class=quote>The Straits Times
Aug 29, 2010
PM'S NATIONAL DAY RALLY
Be careful of wage rise
THE Prime Minister on Sunday sought to temper wage expectations of Singaporeans who are looking forward to higher wages and good bonuses arising from the robust economic growth in the first half year.
PM Lee said while workers deserve fair recognition and reward for last year's sacrifices and their contribution to the strong recovery, they must stay competitive and keep the wage system flexible to ensure continuing growth.
Speaking at the National Day Rally at the University Cultural Central against a more upbeat backdrop compared to last year when Singapore was battling its worst recession since independence, Mr Lee said Singapore has come through the economic crisis much better than expected, with the combined efforts of the unions, workers, employers and the government.
'Thank you all for a job well done!' said Mr Lee, who began his address in English by declaring that the economy has shaken off the recession and 'is now booming'.
Singapore's economy grew 18 per cent in the first half year from a year earlier, with lots of jobs opening up. For the whole year, the forecast is for a 13 to 15 per cent growth.
But amid the optimism, PM Lee struck a sobering note: Don't expect Singapore's economy to grow like this in the long term.
In fact, when taken over three years, Mr Lee said the economy expanded by an average of 5 per cent year - 1 per cent in 2008, minus 1 per cent in 2009 and a projected 15 per cent this year.
'This is a realistic target of what we can sustain,' he said, adding that a 3 to 5 per cent growth would be considered 'good' in future. 'Hence, please be careful with wage expectations.'
Raising productivity, upgrading workers' knowledge and skills to do a wider range of tasks will help Singapore to keep growing and enable each Singaporean to have a secure job, and a good standard of living, said Mr Lee. And this requires efforts at all levels. </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
Joined: 22 Nov 2005
Posts: 3236
</TD><TD class=row1 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">
Posted: Mon Aug 30, 2010 12:03 am Post subject: PM Lee: Be careful with wage expectations</TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>dun expect too much hor...
<TABLE border=0 cellSpacing=1 cellPadding=3 width="90%" align=center><TBODY><TR><TD>Quote:</TD></TR><TR><TD class=quote>The Straits Times
Aug 29, 2010
PM'S NATIONAL DAY RALLY
Be careful of wage rise
THE Prime Minister on Sunday sought to temper wage expectations of Singaporeans who are looking forward to higher wages and good bonuses arising from the robust economic growth in the first half year.
PM Lee said while workers deserve fair recognition and reward for last year's sacrifices and their contribution to the strong recovery, they must stay competitive and keep the wage system flexible to ensure continuing growth.
Speaking at the National Day Rally at the University Cultural Central against a more upbeat backdrop compared to last year when Singapore was battling its worst recession since independence, Mr Lee said Singapore has come through the economic crisis much better than expected, with the combined efforts of the unions, workers, employers and the government.
'Thank you all for a job well done!' said Mr Lee, who began his address in English by declaring that the economy has shaken off the recession and 'is now booming'.
Singapore's economy grew 18 per cent in the first half year from a year earlier, with lots of jobs opening up. For the whole year, the forecast is for a 13 to 15 per cent growth.
But amid the optimism, PM Lee struck a sobering note: Don't expect Singapore's economy to grow like this in the long term.
In fact, when taken over three years, Mr Lee said the economy expanded by an average of 5 per cent year - 1 per cent in 2008, minus 1 per cent in 2009 and a projected 15 per cent this year.
'This is a realistic target of what we can sustain,' he said, adding that a 3 to 5 per cent growth would be considered 'good' in future. 'Hence, please be careful with wage expectations.'
Raising productivity, upgrading workers' knowledge and skills to do a wider range of tasks will help Singapore to keep growing and enable each Singaporean to have a secure job, and a good standard of living, said Mr Lee. And this requires efforts at all levels. </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
Years ago I heard rumours that he sold all his private propeties(30 or more) before the introduction of the new rules to cool off the Spore property market.
