Economist Lim Chong Yah recently floated a shock proposal to help tackle Singapore’s growing income gap.
Under his suggested “wage shock” plan, the former chairman of the National Wage Council from 1972 to 2001 and professor at NTU’s School of Humanities & Social Sciences, suggested raising the monthly salaries of workers who earn S$1,500 or less by 50 per cent over three years. At the same time, the wages of those who over S$15,000 a month would be freezed for the same period.
National Trades Union Congress secretary-general Lim Swee Say labeled it a “very risky” move because it would push up wages of low-wage workers but a corresponding increase in skill, productivity or employability may not follow suit.
He also added that such an increase for low-wage workers would result in a higher cost of living as businesses passed on higher costs to consumers.
Managers of small and medium-sized enterprises (SMEs) also criticised Lim’s suggestions, saying they were too extreme. Such a move could lead to the mass closure of SMEs as the companies may not be able to bear the cost of the wage increments, they said.
UNION LEADERS SAY…
However, union leaders welcomed Lim’s proposal, saying it was “a real morale booster” and “long overdue”.
A wage shock move will not work, you need a balanced approach
When you introduced Minimum sum salary by let’s say funding $1 for everyone below $1k salary, those in the income bracket of $1k-$2k will also be affected, raising business costs indirectly, unless businesses are able to recover this cost thru productivity or innovations, it will not make sense unless the government comes in to fulfill these goals, ie provide free trainning to upgrade their skills for higher productivity, which in turn brings higher returns for the businesses to offset it. So the costs maybe higher than it seems due to implied costs, but it will ensure the standard of living for Singaporeans will be improved.
– Contributed by Oogle.
“Singapore is one of Asia’s wealthiest countries and it has stubbornly resisted the financial crisis to position itself as a hub of Asia’s growth ambitions.”
Wake up guys, what resources does Singapore has to throw money without taking from somewhere else? Even if you privatised HDB, you can never afford to throw money unless you can fool the world and depend on one person’s technologies that create untold wealth that could even buy out the entire world, but if that “dream” doesn’t come true, where will it end? The government is not capable of solving the problem. Only I can, so why do you think I am getting so much problems? This nonsense will all end when I get to the UN and force every governments down with money. Only I can create productivity and jobs for every single person in the entire world. I have no wish to be a rich man, neither want to rule the world, only an independent UN will there be peace and prosperity on earth, where everyone are stakeholder’s of their own future.
– Contributed by Oogle.
“His lord said unto him, Well done, good and faithful servant; thou hast been faithful over a few things, I will make thee ruler over many things: enter thou into the joy of thy lord.” Matthew 25:23
“And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.” Matthew 19:24
Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself. Sufficient unto the day [is] the evil thereof.
A New World without money
“Money is the root of all evil” How true is the saying but what about the needs of every person in this world? Everybody needs money. It is the unsatisfying hoarding of money beyond what your daily needs becomes an obsession, it becomes greed. The many selfish behaviour where one human being doesn’t care about the next, is this what our world have evolved to? Money should be used only as a Tool to achieve an aim and should not be worshipped.
The Basic Needs of every human being
I believe each and every human regardless of race or religion should be entitled to basic food and shelter whether if they are rich or poor, but they must be willing to work, any kind of job will do.
A good education is the stepping stone to get yourself out of poverty. Even if you are born poor there is a way to get out of the poverty cycle if you are willing to invest in your child’s future.
Nothing in this world is perfect
I do not like politics, and I think most politicians are like the two headed snake, being bribed by the rich to carry favors and singing another tune to the masses, who do you think you will believe in? And yes, we are ruled by the 1% but can we the 99% make a difference? We definitely can if everyone in the world can unite as one.
My Gift from God
My greatest skillset is problem solving as I am able to find and analyse all kinds of scenerios with the results and find the best possible paths to solve very complex problems. My experience with analysing real estate data has provided me with great insights into the world of data mining and using statistics data to study and solve economics, creating a “perfect economy”.
“Poverty can be eradicated within a lifetime if every human being get together and invest in their future, governments allocate enough resources to stamp out the problem, to give access to the basic needs of every human being.” – Gilbert Tan TS AKA Oogle.
Contributed by Oogle.