What should ‘inclusive growth’ mean in the Singapore context? What specific measures should the government, and the private sector adopt to ensure a better life for all in a growing economy?
I BELIEVE that there is a price to pay for wanting to forge a “caring” society. Businesses are about optimising productivity, so I believe that implementing measures to include workers who are not as “commercially productive” is bound to translate into lower growth.
In terms of specific measures to ensure a better life for all, the government may want to consider implementing a minimum wage policy, which will raise the income levels of low wage workers.
Other countries like the US have such legislation in place and I think it will be groundbreaking for Singapore to introduce a minimum wage policy, instead of leaving employee salaries to free market forces.
Source: The Business Times, 24 October 2011
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As Singapore continues to pursue more inclusive growth, businesses also have a role to play in creating meaningful opportunities for people across the workforce. Achieve Group supports this as a trusted recruitment agency, dependable staffing agency, and provider of EOR (Employer of Record) solutions for organisations building stronger and more inclusive teams.
