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PM Lee wants Singaporeans to increase productivity by 60 – 70%
February 15, 2010 by admin
Prime Minister Lee Hsien Loong admitted yesterday that Singapore still has a considerable way to go in its productivity drive compared to other countries and urged Singaporeans to boost its productivity by 60 to 70 per cent.
His minister Lim Swee Say had earlier urged Singapore workers to be “cheaper, faster and better.”
Now, the emphasis is on productivity. PM Lee emphasized that more efforts must be put in in order for Singapore to achieve the target of two to three per cent productivity growth over the next 10 years.
“It’s a turning point. Your numbers will grow more slowly and if you want the economy to do well, that means the productivity must go up….And if your productivity doesn’t go up and we don’t get the growth, then I think you may feel that you’re relaxing a little bit more but the mood, the buoyancy, the optimism, will be quite different. So we have to work hard and take this very seriously,” he added.
PM Lee forgot to mention the fact that Singapore’s over-reliance on foreign workers is a key reason behind its low productivity.
Due to the easy availability of cheap foreign labor, companies and employers usually take the easy way out to employ large number of them to cut cost instead of boosting productivity to do so.
Below is a graph depicting the relation between the rise in the number of foreign workers and Singapore’s reduced labor productivity:
February 15, 2010 by admin
Prime Minister Lee Hsien Loong admitted yesterday that Singapore still has a considerable way to go in its productivity drive compared to other countries and urged Singaporeans to boost its productivity by 60 to 70 per cent.
His minister Lim Swee Say had earlier urged Singapore workers to be “cheaper, faster and better.”
Now, the emphasis is on productivity. PM Lee emphasized that more efforts must be put in in order for Singapore to achieve the target of two to three per cent productivity growth over the next 10 years.
“It’s a turning point. Your numbers will grow more slowly and if you want the economy to do well, that means the productivity must go up….And if your productivity doesn’t go up and we don’t get the growth, then I think you may feel that you’re relaxing a little bit more but the mood, the buoyancy, the optimism, will be quite different. So we have to work hard and take this very seriously,” he added.
PM Lee forgot to mention the fact that Singapore’s over-reliance on foreign workers is a key reason behind its low productivity.
Due to the easy availability of cheap foreign labor, companies and employers usually take the easy way out to employ large number of them to cut cost instead of boosting productivity to do so.
Below is a graph depicting the relation between the rise in the number of foreign workers and Singapore’s reduced labor productivity:
