I am in favour of legislation, although I feel the one proposed
by Ms Eunice Olsen in Parliament is too restrictive against
employers.
When the Monthly Variable Component (MVC) was introduced, the
tripartite partners tried to promote it but was not for
legislation. At a meeting with representatives of SNEF (in May
2001), I proposed legislation which without will not be welcomed by
employers who may find they need to pay more. They did not comment,
perhaps considering, to give them benefit of doubt.
6 years on, MVC has not been heard in the local newspaper. If it
was successful, I am sure it would. Economic downturns are a
cyclical trend and we may dread the next one will once again see a
cut in our CPF employer contributions.
Similarly, I believe the problem of employing older workers will
not be solved without some form of legislation.
Regards
