Raising
productivity can help improve wages and living standards, says PM
Lee in his MayDay speech. (Yahoo! file photo)
Raising productivity is
more important than ever in Singapore's maturing economy as it
faces land and manpower limits, said Prime Minister Lee Hsien Loong on
Monday.
In his May Day message, PM Lee
said the government has been moderating the inflow of foreign
workers. By having a tighter grip on foreign workers, wages will be
pushed up in the short term. However, this may hold back many
companies that are eager to expand but cannot find enough
workers.
He warned that it is "dangerous to assume complacently that wages
can continue to rise indefinitely, just by our squeezing on foreign
workers."
"Higher wages push up business costs, affect our competitiveness,
and may cause higher inflation," he said.
Instead, Singaporeans can raise their productivity to sustain
better wages and higher real living standards said PM
Lee.
"Raising our productivity will benefit workers, firms, and our
economy as a whole. Workers can earn more in higher-quality jobs.
Firms can prosper and
expand their businesses here," he said.
For that to happen, the tripartite partners -- Government,
employers, workers -- must work together to support the
transformation.
Every worker, he said, can take advantage of the Continuous
Education and Training (CET) by the government. Companies should
look beyond short-term profits to build successful businesses for
the long-term, together with their employees and the broader
community.
"Workers should also be encouraged to support sound national
policies that benefit them in the long run, so that we can work
together as a nation to serve
the best interests of Singaporeans," he said.
Unions must also work hard to organise workers and the growing
number of Professionals, Managers, Executives and Technicians
(PMETs) to help prepare for uncertain environment in the future. By
raising productivity, he said, the Singapore economy can continue
to thrive despite more intense global competition.
"Looking ahead, we must prepare for a more challenging economic
environment. Globalisation has shortened economic cycles. Ups and
downs happen much faster, and with less warning. Outlooks are less
predictable. Every country is more exposed to global competition,
and Singapore more than most," he said.
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