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EU and USA are First World countries whereby their citizen had highly paid to build up purchase power economy. Africa and Asia are third world countries that pay low to their citizen who had lower educated. Paid high will remain skill and professional to stay for build up productive products and high technologies process. Singapore pay low and unable to be the best world economy model and the last plan is to a Casino country. If they pay low with poor service, our Singapore which depend on Casino with close down for good.
KUALA LUMPUR, MALAYSIA - A minimum wage will not contribute to the development of a high-income economy, says an academic from the National University of Singapore.
'Instead, a high-income economy is driven by technology and key competitive industries, and maintained through a stable human capital,' said Assoc Prof Shandre M. Thangavelu, who is with the university's Economics Department.
'The more developed human capital is, the higher wages can go, in line with increased productivity,' he added.
Speaking at the Institute of Strategic and International Studies International Affairs Forum here yesterday, he said that for a country to move towards a high-income economy, the Government should instead place emphasis on human capital through quality and industry-relevant education and training to keep the labour force updated.
'A minimum wage is not viable for any open economy as a flexible labour market is needed to move to certain industries,' he said.
Thangavelu said in Singapore, a local reservation wage was implemented by the Government as an incentive in certain job sectors that needed more manpower.
He added that a minimum-wage policy was to ensure the lower rungs of the job market had enough for a decent living.
'Instead of setting a minimum wage, the social and welfare policies should support those in need by training and retraining them to be equipped and relevant to fit into industries.'
On Thursday, Human Resources Minister Datuk Dr S. Subramaniam said his ministry wanted to study the minimum wage mechanism in line with efforts to move to a high-income economy.
KUALA LUMPUR, MALAYSIA - A minimum wage will not contribute to the development of a high-income economy, says an academic from the National University of Singapore.
'Instead, a high-income economy is driven by technology and key competitive industries, and maintained through a stable human capital,' said Assoc Prof Shandre M. Thangavelu, who is with the university's Economics Department.
'The more developed human capital is, the higher wages can go, in line with increased productivity,' he added.
Speaking at the Institute of Strategic and International Studies International Affairs Forum here yesterday, he said that for a country to move towards a high-income economy, the Government should instead place emphasis on human capital through quality and industry-relevant education and training to keep the labour force updated.
'A minimum wage is not viable for any open economy as a flexible labour market is needed to move to certain industries,' he said.
Thangavelu said in Singapore, a local reservation wage was implemented by the Government as an incentive in certain job sectors that needed more manpower.
He added that a minimum-wage policy was to ensure the lower rungs of the job market had enough for a decent living.
'Instead of setting a minimum wage, the social and welfare policies should support those in need by training and retraining them to be equipped and relevant to fit into industries.'
On Thursday, Human Resources Minister Datuk Dr S. Subramaniam said his ministry wanted to study the minimum wage mechanism in line with efforts to move to a high-income economy.
