[h=1]PM LEE: YOU CAN’T GET A PAY RISE UNLESS YOUR PRODUCTIVITY INCREASES[/h]
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Post date:
11 Oct 2014 - 8:59am
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PM Lee Hsien Long said in a speech to over 800 businessmen at the launch of the National Productivity Month that for wages to rise, productivity is key.
He explained that in the short term, wages might rise due to tight labour markets but for the long run, wages can only increase sustainably if there are improvements in productivity.
PM Lee said that the government has a three pronged approach to improving productivity.
First, incentive schemes give firms support to invest in productivity-improving programs and technologies as well as training.
Second, the foreign worker inflow is being controlled and reduced so that employers are pressured to upgrade their workforce and be less dependent on cheap labour.
Thirdly, the government is making the productivity drive a national effort so that everyone knows that they have a part to play.
PM Lee said that there has been good uptake of the productivity initiatives so far and the government will continue to work with businesses to boost their productivity.
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He also noted that while the government is tightening the inflow of foreign workers, there is still enough access for companies to workers as the government will not be tightening the inflow much further.
Mr Lee also said that the productivity mindset must be adopted by businesses and they must not be afraid to change for the sake of efficiency.
He emphasised that businesses must improve productivity for wages to rise.
While PM Lee lectures businesses about the need for productivity increases for wages to rise, he has also been raising his own salary many fold since he took over power.
Do you think PM Lee’s productivity has increased as much as his own salary has increased in the last decade?
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Post date:
11 Oct 2014 - 8:59am
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PM Lee Hsien Long said in a speech to over 800 businessmen at the launch of the National Productivity Month that for wages to rise, productivity is key.
He explained that in the short term, wages might rise due to tight labour markets but for the long run, wages can only increase sustainably if there are improvements in productivity.
PM Lee said that the government has a three pronged approach to improving productivity.
First, incentive schemes give firms support to invest in productivity-improving programs and technologies as well as training.
Second, the foreign worker inflow is being controlled and reduced so that employers are pressured to upgrade their workforce and be less dependent on cheap labour.
Thirdly, the government is making the productivity drive a national effort so that everyone knows that they have a part to play.
PM Lee said that there has been good uptake of the productivity initiatives so far and the government will continue to work with businesses to boost their productivity.
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He also noted that while the government is tightening the inflow of foreign workers, there is still enough access for companies to workers as the government will not be tightening the inflow much further.
Mr Lee also said that the productivity mindset must be adopted by businesses and they must not be afraid to change for the sake of efficiency.
He emphasised that businesses must improve productivity for wages to rise.
While PM Lee lectures businesses about the need for productivity increases for wages to rise, he has also been raising his own salary many fold since he took over power.
Do you think PM Lee’s productivity has increased as much as his own salary has increased in the last decade?
