My pay raise depends on companies being CBF? - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




My pay raise depends on companies being CBF?

Reply
 
Thread Tools
  #1 (permalink)  
Old 13-05-2013, 09:59 AM
Verified Member
 
Join Date: Apr 2013
Posts: 29
darialim is on a distinguished road
Default My pay raise depends on companies being CBF?

SBR recently featured a post on the May Day rally, found the original link here:

NTUC May Day Rally 2013 Afterthoughts Part 1 | AspirantSG

So if companies don't buck up to be CBF and grow the economy, my pay won't increase?

------------------------------------------------------------------------

However, one slide that caught my attention was the one which described Real Wage Increase from 2009 to 2011. Apparently, Singaporeans enjoyed the highest real wage increases based on core Consumer Price Index (CPI) compared to countries like Korea, Japan and Norway. While it is great to know that Singaporeans enjoyed comparatively good income growth during this period, my concern would be about our real wage performance for 2012 and beyond. Will Singaporeans still be able to enjoy real wage growth despite facing competition from cheaper foreign talent and rising inflation levels?

To put things into a larger perspective, Prime Minister Lee explained (in the next speech), that the Singapore economy is moving into a new phase and the nation is not expanding as rapidly as it used to. Given that our economy is maturing, Singapore's shift to slower growth is inevitable. If Singapore’s economy grows at a slower pace so will the growth of our wages.

Mr Lim Swee Say explained how our economy is transitioning from a "3 + 1 = 4" to a "1 + 2 = 3" economy.


As Singapore is reducing reliance on foreign labour, causing workforce growth to fall from 3% to 1%,

the challenge is for Singapore to increase productivity growth from 1% to 2%,

in order for the Singapore economy to reach a slightly compromised GDP growth from 4% to 3%.

As there is strong competition for global investments and markets, if Singapore is unable to produce competitive goods or services, demand for our goods and services will decrease, causing GDP growth to slow down, unemployment to go up, and wages to stagnate. Without better jobs and better pay, it will be difficult for us to enjoy better standards of living.

Even if demand for our products and services increase, the next challenge would be whether our country can produce fast enough to supply this demand as we are also in the process of reducing the inflow of foreign labour. If we cannot supply fast enough, our market share will decrease, causing GDP growth to still slow down, unemployment to go up, and wages to stagnate.

So what makes a successful Singapore economy?

According to Mr Lim Swee Say, it is being competitive (in goods and services to increase demand), being productive (for companies to increase supply to meet demand), and translating this rise in supply and demand into better jobs, better pay and better work life balance for workers.

Enhancing Competitiveness By Becoming A Cheaper, Better, Faster (CBF) Economy

The first ‘how’ to achieving this success is where Mr Lim Swee Say's Cheaper, Better, Faster Economy Concept comes into play. Not to be mistaken as lower remunerations for workers, these 3 terms are actually solutions for businesses to be more competitive. He elaborated further that to be cheaper means to be more productive, to be better means to be more capable, to be faster means to be more adaptable.

Singapore must learn to make smarter use of technology, innovation, capital and know-how to be more “future ready” than our competition. China, for example, is investing huge amounts of research and development into technology to enhance the productivity of their workers.

To give some credit, the Singapore Economic Development Board (EDB) is aggressively attracting investments to create better jobs for Singaporeans. Prime Minister Lee mentioned that Rolls-Royce and Pratt & Whitney have invested in our Seletar Aerospace Park, while Procter & Gamble is building a Singapore Innovation Centre to develop consumer products for the Asian market. EDB has also set aside a $500m fund over the next five years into the development of future manufacturing technologies to help SMEs grow, both at home and overseas.

But if we don’t play our part and keep up with the rest of the world, we only have ourselves to blame for falling behind.



Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
Reply

Bookmarks

Tags
cbf, cheaper better faster, may day, pay, raise

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
$100 raise from contract to perm? Kai Income and Jobs 3 04-08-2012 09:16 AM
Interesting ISO Certified Companies in Singapore brandon General Discussions 0 16-03-2012 11:45 PM
Analyst in REIT Companies damon Income and Jobs 5 25-11-2011 12:33 PM
Salary Progression depends on previous salary? askethan Income and Jobs 3 03-09-2011 10:23 AM
Financial Companies earned the most Income (and paid the most Taxes) Salary.sg Income and Jobs 0 25-09-2008 10:25 AM

» 30 Recent Threads
Compare civil service salary ( 1 2 3... Last Page)
12,592 Replies, 7,347,116 Views
How much are you earning per annum? ( 1 2 3... Last Page)
12,697 Replies, 4,355,611 Views
Working Culture in IRAS ( 1 2 3... Last Page)
56 Replies, 86,352 Views
All about Home Affairs Senior... ( 1 2 3... Last Page)
182 Replies, 208,027 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
2,668 Replies, 1,281,945 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
475 Replies, 272,967 Views
Starting Pay for CS/Ministries... ( 1 2 3... Last Page)
236 Replies, 109,198 Views
UOB Management Associate Program ( 1 2 3... Last Page)
441 Replies, 275,448 Views
Work culture in IHiS ( 1 2 3... Last Page)
146 Replies, 137,268 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
4,066 Replies, 2,525,536 Views
Lawyer Salary ( 1 2 3... Last Page)
13,727 Replies, 4,615,769 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
87 Replies, 22,876 Views
If you can't find a company here... ( 1 2)
11 Replies, 1,491 Views
Pacific Century CyberWorks (PCCW)
0 Replies, 18 Views
Visa Inc
0 Replies, 26 Views
Shopee
0 Replies, 39 Views
Food Panda
1 Replies, 47 Views
Asset Management Salary ( 1 2 3... Last Page)
30 Replies, 3,780 Views
DBS Bank
0 Replies, 42 Views
IMDA (under MCI) ( 1 2 3... Last Page)
116 Replies, 57,751 Views
ST Electronics ( 1 2 3... Last Page)
2,334 Replies, 574,147 Views
Career as Teacher ( 1 2 3... Last Page)
4,007 Replies, 2,502,710 Views
Comp Science Frsh Grad Salary ( 1 2 3... Last Page)
627 Replies, 99,610 Views
HDB (under MND) ( 1 2 3... Last Page)
459 Replies, 370,277 Views
Citibank Singapore ( 1 2 3... Last Page)
136 Replies, 100,312 Views
Top paying companies in SG for... ( 1 2 3... Last Page)
84 Replies, 134,368 Views
Perm to contract, increase > 2k... ( 1 2 3... Last Page)
32 Replies, 4,489 Views
Jumping from Stat Board into...
4 Replies, 333 Views
NUS (National University of... ( 1 2 3... Last Page)
127 Replies, 119,405 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 07:08 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2