Job cuts likely if global crisis persists: NTUC
COMPANIES here may start laying off workers if the global economic crisis persists, says labour chief Lim Swee Say.
Yesterday, Channel NewsAsia quoted Mr Lim, who spoke on the sidelines of a tripartite forum, as saying that Singaporeans must be prepared for their wages to be affected.
‘At this moment, there is no sign yet of rising retrenchment. It’s because of the various measures we have put in place so far.
‘However, as the downturn continues, we can expect realistically that retrenchment may pick up,’ said Mr Lim, who is the secretary-general of the National Trades Union Congress (NTUC).
Looking ahead, he urged companies to find ways to cut costs and upgrade their operations. For workers, there is a need for continued retraining.
Mr Lim warned that adopting a wage inflation approach - where wages are increased to offset inflation - will not help. That is where the government has stepped in with non-wage support, such as Growth Dividends and Workfare Income Supplement.
Mr Lim said: ‘The government, labour movement, the tripartite partners will continue to keep in close touch with the ground, (and) when necessary, will support workers through non-wage measures.’
Source : Business Times - 10 Oct 2008
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