A minimum wage could be defined as the lowest hourly rate that
is acceptable to every Singaporeans in Singapore.
By setting a minimum hourly wage, it will serves as a standard
which employers must obey by law to prevent labour exploitations,
protects all employees in Singapore and significantly reduces gap
between the lower income earners and the middle-income earners and
higher-income earners.
Advantages of this implementation will inject a strong
confidence in the employees in Singapore, encouraging FT and local
talents alike to focus confidently on their area of expertise
without the worries of making end meets.
Disadvantage of this would be the risks of incurring inflation
in Singapore economy, where Singaporeans with more spending power
will be spending more Singapore dollars due to the initial
adjustments of the minimum hourly wages. But that would be a
speculation, as many Singaporeans are in debt one way or another.
Eventual conclusion would resulted in Singaporeans using the extra
spending power to reduce their debts before spending it away, so
risks of inflation would be kept to a minimum scale.
This move would shed a new light of confidence for young
Singaporeans moving into the workforce and encourages young
families to increase the new population of future Singapore.
I strongly support the setting and adjustment for minimum wage
to be implemented.
Total bull-shit.
What you're saying applies to a closed-economy.
If my wage increase but all my $$ goes to import and not local
produced goods, how can that lead to inflation?
If we set minimum wages, it would simply depress our GDP
further, in view of our appreciating currency.
Yet, it is not as simple as it looks. The afore-mentioned will
only occur if we assume that S'porean skills are not as
high-valued. If we're highly valued for our productivity, then the
impact will not be so great.
BUT, we should still not have minimum wages. How are we gonna
expect SMEs to survive, and SMEs play a big role here.
