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23-07-2021, 01:11 PM
How come he go against his PAP masters???
SINGAPORE - The Republic may want to seriously study a modest minimum wage as a complement to the existing progressive wage model (PWM), said Singapore's central bank chief on Thursday (July 22).
However, Mr Ravi Menon, managing director of the Monetary Authority of Singapore, cautioned against exaggerating the benefits of a minimum wage, saying it will not make a discernible dent in income inequality.
"If we have a minimum wage, we must be clear of its rationale: it is to help lift the wages of those at the bottom of the income distribution.
"A minimum wage also signifies a societal value: that no one should be paid less than this amount for his or her labour. It is not unlike setting minimum standards for workplace safety and humane conditions of work," he said.
He was speaking on the topic "An Inclusive Society" at the Institute of Policy Studies (IPS) at the Lee Kuan Yew School of Public Policy.
Mr Menon said that if a national minimum wage is seen as too big a step, the Government could more decisively use the Local Qualifying Salary (LQS) as a de facto minimum wage.
He said there is a large body of empirical evidence across countries that finds zero or minimal adverse effects on employment from increasing the minimum wage.
But the issue is not straightforward. For any form of minimum wage to work, governments need to simultaneously raise the price of foreigners relative to locals, he said.
https://www.asiaone.com/singapore/mas-ch...nimum-wage
SINGAPORE - The Republic may want to seriously study a modest minimum wage as a complement to the existing progressive wage model (PWM), said Singapore's central bank chief on Thursday (July 22).
However, Mr Ravi Menon, managing director of the Monetary Authority of Singapore, cautioned against exaggerating the benefits of a minimum wage, saying it will not make a discernible dent in income inequality.
"If we have a minimum wage, we must be clear of its rationale: it is to help lift the wages of those at the bottom of the income distribution.
"A minimum wage also signifies a societal value: that no one should be paid less than this amount for his or her labour. It is not unlike setting minimum standards for workplace safety and humane conditions of work," he said.
He was speaking on the topic "An Inclusive Society" at the Institute of Policy Studies (IPS) at the Lee Kuan Yew School of Public Policy.
Mr Menon said that if a national minimum wage is seen as too big a step, the Government could more decisively use the Local Qualifying Salary (LQS) as a de facto minimum wage.
He said there is a large body of empirical evidence across countries that finds zero or minimal adverse effects on employment from increasing the minimum wage.
But the issue is not straightforward. For any form of minimum wage to work, governments need to simultaneously raise the price of foreigners relative to locals, he said.
https://www.asiaone.com/singapore/mas-ch...nimum-wage
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