I quote below from an article in the Statestimes with the title, 'Manpower Minister Lim Swee Say - Wages are too high'
'Speaking at a conference for businesses, Manpower Minister Lim Swee Say complained that wages in Singapore are too high and that productivity gains are not catching up with wage growth.
Worded in Singlish, Minister Lim Swee Say said:
“Cheaper competitors are getting better with higher educational levels, while better competitors are getting cheaper through better technology. If productivity gains continue to lag behind wage growth, Singapore’s competitiveness will be eroded.”
The Manpower Minister then complained about the lack of productivity growth in Singapore, and that the country’s GDP has been badly affected:...'
My immediate reactions, is he referring to salaries at the top or wages at the bottom, like cleaners getting $1000? Can Singaporeans survive in this world's most expensive city if the wages are too high and be lowered?
By the way, whose problem is it that productivity is low? What is he or the govt going to do about it?