[h=2]Productivity falls but NTUC leader Ong Ye Kung said he would not look too much into quarterly figures[/h]
August 17th, 2012 |
Author: Editorial
Dty Secretary-General of NTUC, Ong Ye Kung: I would not look too much into the quarterly figures...
NTUC said that Singapore’s productivity may take further hits in the last two quarters of this year (i.e. 3rd and 4th Qtrs), if the slowing global economy impacts Singapore.
According to the data provided by the Singapore Department of Statistics and Manpower Research & Statistics Department of the Ministry of Manpower [Link], Singapore’s labour productivity in 2011 was 1.0% (% change over the corresponding period of pervious year).
However, for 2012, the productivity in the last 2 quarters were:
1Q: -2.3%
2Q: -1.9%
That is, productivity took consecutive dips in the first two quarters of 2012.
However, Ong Ye Kung, deputy secretary-general of NTUC, said: “I would not look too much into the quarterly figures but instead, I think productivity is more a medium-long term trend that we have to watch out for, and I think there are certain early signposts that we should look at.”
“Things like the profile, education profile of our workforce, the number of our workforce going into high value-added industry, the growth of high-value industry and how much of the investment is taking place in Singapore.”
Ong Ye Kung was an ex-candidate of PAP who lost the general election at Aljunied GRC last year. In an article published by the Straits Times on 1 Jun, he described his failed political outing as his biggest professional setback to date.
Reflecting on his loss in GE, he cited the lyrics to Clarkson’s ‘What Doesn’t Kill You Makes You Stronger’ and a quote from the former world heavyweight champion, ‘Only a man who knows what it is like to be defeated can reach down to the bottom of his soul and come out with an extra ounce of power it takes to win when the match is even.’
He told the Straits Times, “I don’t regret running. It was an experience of a lifetime.” The only pity, he said, was that he had to resign from his 18-year Administrative Service career to go into politics. Ong was a PSC scholar who went on to study at the London School of Economics before entering the civil service.
Even though he might have lost, he said, “You can serve and make a difference without being in politics, and being in politics does not necessarily mean you are making a difference.”
In any case, he is confident that Singapore is agile enough to move and stay ahead despite the potential further decrease in Singapore’s productivity.
TR Emeritus (TRE) understands that despite the productivity dip in the first half of this year, Singapore still continues to take in foreign workers, although at a slower pace now.
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Join our TRE facebook page here: http://www.facebook.com/TREmeritus
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NTUC said that Singapore’s productivity may take further hits in the last two quarters of this year (i.e. 3rd and 4th Qtrs), if the slowing global economy impacts Singapore.
According to the data provided by the Singapore Department of Statistics and Manpower Research & Statistics Department of the Ministry of Manpower [Link], Singapore’s labour productivity in 2011 was 1.0% (% change over the corresponding period of pervious year).
However, for 2012, the productivity in the last 2 quarters were:
1Q: -2.3%
2Q: -1.9%
That is, productivity took consecutive dips in the first two quarters of 2012.
However, Ong Ye Kung, deputy secretary-general of NTUC, said: “I would not look too much into the quarterly figures but instead, I think productivity is more a medium-long term trend that we have to watch out for, and I think there are certain early signposts that we should look at.”
“Things like the profile, education profile of our workforce, the number of our workforce going into high value-added industry, the growth of high-value industry and how much of the investment is taking place in Singapore.”
Ong Ye Kung was an ex-candidate of PAP who lost the general election at Aljunied GRC last year. In an article published by the Straits Times on 1 Jun, he described his failed political outing as his biggest professional setback to date.
Reflecting on his loss in GE, he cited the lyrics to Clarkson’s ‘What Doesn’t Kill You Makes You Stronger’ and a quote from the former world heavyweight champion, ‘Only a man who knows what it is like to be defeated can reach down to the bottom of his soul and come out with an extra ounce of power it takes to win when the match is even.’
He told the Straits Times, “I don’t regret running. It was an experience of a lifetime.” The only pity, he said, was that he had to resign from his 18-year Administrative Service career to go into politics. Ong was a PSC scholar who went on to study at the London School of Economics before entering the civil service.
Even though he might have lost, he said, “You can serve and make a difference without being in politics, and being in politics does not necessarily mean you are making a difference.”
In any case, he is confident that Singapore is agile enough to move and stay ahead despite the potential further decrease in Singapore’s productivity.
TR Emeritus (TRE) understands that despite the productivity dip in the first half of this year, Singapore still continues to take in foreign workers, although at a slower pace now.
.
Join our TRE facebook page here: http://www.facebook.com/TREmeritus
.
