Time for PMETs who have been laid off or retrenched to cry for misunderstanding PAP.
“The Government came to the conclusion that one good way to protect the Singaporean workers from (global economic volatility) was to expand the size of the work force, to go for higher growth. The foreign manpower provided some buffer to the local workforce from the fluctuation of the economy.
That strategy worked for 10 years…during which global unemployment went up and stayed high, while many industrialised nations suffered wage stagnation.
But because of our higher growth policy and more liberal intake of foreign manpower, we were able to stay away from unemployment and wage stagnation. The gain for the Singapore workforce: There were fewer retrenchments. Also, wages went up, not just in nominal but real terms.”
Last edited: