KJ is spot on. In every advanced country from Japan to Germany to Switzerland, raising minimum wage together with real productivity improvement has led to industries moving up the technological ladder, automation, and higher value-added manufacturing, thus reducing their reliance on cheap semi-skilled foreign labour.
We're still stuck in the phase of stagnant productivity and low wages by maintaining low value-added manufacturing industries and not implementing minimum wage. Hence necessitating the import of large numbers of foreign workers, leading to suppressed real wages, and increasing unemployment for locals. The social and infrastructural problems are now coming to a head, e.g. MRT breakdowns, riots, increased crime, heightened xenophobic tensions, etc.
While increasing GDP growth through sheer numbers may pad the annual bonuses of the ministers, it doesn't lead to increased per capita wealth or equity, higher wages, or a better quality of life.