This is an illusion. It was spun by people with vested interest to suppress wages, starting from our government and echoed by business leaders.
The wage component of our total cost is probably quite low, compared to most other developed countries. We can afford a higher component in wage cost, without getting into trouble.
Three other components can be adjusted to allow for higher wages - rental of premises, top management salaries and shareholder profits. These components are probably much higher than other countries, and lead to an unbalanced and unsustainable structure in Singapore.
We have to accept the restructuring of our cost components. Do not be misled by people with vested interest in the status quo.