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Coffeeshop Chit Chat - Up the down reserves</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>UncleFond <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>6:05 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 5) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>36923.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Singapore would replenish S$4.5b from reserves in 2 to 3 years: Lim Swee Say
Just get ready your pockets
SINGAPORE : NTUC’s Secretary General Lim Swee Say has said he is confident that Singapore will be able to replenish the S$4.5 billion drawn from the reserves over two to three years.
Singapore had drawn on past reserves to help fund the Jobs Credit scheme, which was designed to help firms save jobs.
In his National Day message to workers and management, Mr Lim said that is because Singapore makes sure that every dollar is put to good use and every extra dollar is put back into the reserves.
Mr Lim shared the sentiments of trade union leaders from other countries whom he had met two months ago in Geneva at the annual International Labour Conference.
He said countries were impressed by Singapore’s strategy of "cutting costs to save jobs" against "cutting jobs to save costs", a move adopted by many other countries.
Mr Lim said: "They were impressed by the ’V—shaped recovery’ of the Singapore economy, up from minus 9.4 per cent in the first quarter of 2009 to +15.5 per cent in the first quarter of 2010, one of the strongest rebounds for any economy.
"They were even more impressed by our ability to regain full employment so quickly, with our unemployment rate dropping from 3.3 per cent in the third quarter of 2009 to 2.2 per cent by the first quarter of 2010, one of the lowest in the world."
Union leaders from other countries also wondered how Singapore managed to keep the trust and preserve unity during a severe downturn.
Mr Lim noted that Singapore believed in building trust during good times so as to stay united during bad times.
He said: "They wondered how tripartism could be so uniquely effective in Singapore at a time when it is either breaking down or not functioning in many other countries. We explained that when times are good, we work hard together to build up two types of capital — financial capital, by being one of the most pro—business economies in the world; and social capital, by being one of the most pro—worker nations in the world.
"So, by the time we are hit by a global downturn, we already have in place the necessary resources and a high level of trust among labour, management and government to rally us to respond in unity.
"Singapore’s approach to tripartism is good for our workers. We avoided massive retrenchments and prevented a rapid rise in unemployment. It is also good for our businesses. We preserved our economic capacity and upgraded our economic capability to grow again in a global recovery."
Looking ahead, the NTUC chief said the tripartite partners would strive to do even better as Singapore rides the global recovery in 2010 and beyond.
So he has called on everyone to live the dreams as One Singapore, lift the nation’s productivity as One Workforce, and fly the flag as One People.
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Just get ready your pockets
SINGAPORE : NTUC’s Secretary General Lim Swee Say has said he is confident that Singapore will be able to replenish the S$4.5 billion drawn from the reserves over two to three years.
Singapore had drawn on past reserves to help fund the Jobs Credit scheme, which was designed to help firms save jobs.
In his National Day message to workers and management, Mr Lim said that is because Singapore makes sure that every dollar is put to good use and every extra dollar is put back into the reserves.
Mr Lim shared the sentiments of trade union leaders from other countries whom he had met two months ago in Geneva at the annual International Labour Conference.
He said countries were impressed by Singapore’s strategy of "cutting costs to save jobs" against "cutting jobs to save costs", a move adopted by many other countries.
Mr Lim said: "They were impressed by the ’V—shaped recovery’ of the Singapore economy, up from minus 9.4 per cent in the first quarter of 2009 to +15.5 per cent in the first quarter of 2010, one of the strongest rebounds for any economy.
"They were even more impressed by our ability to regain full employment so quickly, with our unemployment rate dropping from 3.3 per cent in the third quarter of 2009 to 2.2 per cent by the first quarter of 2010, one of the lowest in the world."
Union leaders from other countries also wondered how Singapore managed to keep the trust and preserve unity during a severe downturn.
Mr Lim noted that Singapore believed in building trust during good times so as to stay united during bad times.
He said: "They wondered how tripartism could be so uniquely effective in Singapore at a time when it is either breaking down or not functioning in many other countries. We explained that when times are good, we work hard together to build up two types of capital — financial capital, by being one of the most pro—business economies in the world; and social capital, by being one of the most pro—worker nations in the world.
"So, by the time we are hit by a global downturn, we already have in place the necessary resources and a high level of trust among labour, management and government to rally us to respond in unity.
"Singapore’s approach to tripartism is good for our workers. We avoided massive retrenchments and prevented a rapid rise in unemployment. It is also good for our businesses. We preserved our economic capacity and upgraded our economic capability to grow again in a global recovery."
Looking ahead, the NTUC chief said the tripartite partners would strive to do even better as Singapore rides the global recovery in 2010 and beyond.
So he has called on everyone to live the dreams as One Singapore, lift the nation’s productivity as One Workforce, and fly the flag as One People.
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