I like to seek your views.
Some countries have a minimum age policy. But there is no such policy in Singapore. The reason, I understand, is that a minimum wage policy will push investors to to other countries. Do you agree?
I am in favour of a minimum wage policy. A minimum wage will provide the worker with an income that is sufficient to make a decent living.
If there is no minimum wage, the market forces may push the wage to a low level. Our workers have to compete with foreign workers who are willing to come to work in Singapore at a low salary. The cost of feeding their family in their home country is low.
Foreign investors look at the total cost of operating in a country. The total cost comprise of:
* other costs (eg inefficiency, tax, levy, corruption)
Our economy is quite efficient and corruption is not a problem. We are quite competitive to foreign investors. If wages go up, it can be compensated by a lower cost of land. The total cost can remain quite competitive.
By keeping the wages low, we are largely benefiting the land owners. This is why the cost of land is so high in Singapore.
In my view, we should raise our wages, especially at the lowest level. This is improve the living standard in Singapore. Our people do not have to work long hours, can have more time to be gracious, and maybe raise a bigger family.
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