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CEO’s Views On National Wages Council Recommendations

Posted on 31/05/2014 by achieve-admin

On 30th May 2014 the National Wages Council (NWC) had made recommendations to increase low-wage worker salaries, which included a built-in wage increase of at least $60 for those earning a basic monthly salary of up to $1,000.

Achieve Group CEO Joshua Yim was subsequently interviewed by Channel NewsAsia, which sought his opinion on the recommendations. Here are some of his comments that were shared with the media:

“The NWC recommendations are a good move in terms of fairness and equitability, and it helps these low-wage workers against the backdrop of Singapore’s rising cost of living. It also addresses the government’s mandate in seeking to raise the salary band of the lower 20th percentile of workers.

According to the survey conducted, more than half of employers indicted that they would adopt the guidelines on the wage hikes proposed by NWC. Given the current tight labour market, companies may just lose workers to companies that will be implementing the recommended $60 increase if they choose not to follow the recommended guidelines.

Having said that, compensation is just one part of the equation. It is also very important for employers to keep employees engaged in their work. For example, the well-known saying goes that ‘people join companies but leave their bosses.’ Employers should thus look into employee engagement as this will help prevent staff from jumping ship. Supervisors should make some effort to show care and concern for the welfare of their workers, be it taking care of their needs or providing incentives in the course of their work. By doing so, their employees will be more likely to stay.”

Channel NewsAsia, 30 May 2014