Singapore workers must temper wage expectations

Singapore workers must temper wage expectations

Singapore - Despite the high GDP growth forecast of 13 to 15 percent this year, employees should not expect Singapore’s economic growth to continue at this rate and must adjust their wage expectations accordingly.

Speaking at the recent National Day Rally, Prime Minister Lee Hsien Loong said a more realistic growth target for the country would be between three to five percent growth rate per year over the next ten years.

Instead, PM Lee called for employee productivity to rise, as workers need to learn how to “work smarter”. To do so would require workers to continue upgrading their knowledge and skills, as well as learn how to take on a wider range of tasks.

Employers must also search out and develop new business opportunities as well as create value to grow a competitive and profitable business.

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