Singapore Election 2011

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Lim Boon Heng: Average monthly wages of Singaporeans have ‘grown’

Posted by singaporege2011 on April 27, 2011

Speaking at an industry conference today, PAP Chairman Lim Boon said that the pace at which wages has been rising has been “very moderate” though they should still lag productivity growth.

“The result of which was that wage increases have been quite modest; were very moderate. And at the same time, prices have increased. When that happens, then we will still remain competitive. If wage growth outstrips productivity in the long term, then we become uncompetitive and we lose out to other countries,” Mr Lim said.

Mr Lim did not mention if he is referring to average or median wages.

Channel News Asia quoted that Singapore’s wages rose by an annual 7.5 per cent in the fourth quarter of last year to a monthly average of S$4,474, faster than the 5.4 per cent witnessed a quarter earlier.

However, in real terms, the median monthly income from work of Singapore resident households–households headed by Singapore citizens or permanent residents–rose by only 0.3 percent when inflation is factored in, the increase in income was lower at 0.3 percent, according to the paper ‘Key Household Income Trends, 2010‘.

According to the authoritative UBS study in 2010, Singaporeans have the lowest domestic wages and purchasing power among First World nations, low than that of the Malaysians.

A Wall Street Journal editorial in January 2010 noted that the relentless influx of foreigners has depressed the wages of ordinary Singaporeans, increased the cost of living and led to a widening income gap between the rich and the poor.

Despite widespread unhappiness and disgruntlement at the PAP’s immigration policies, its leaders continue to insist that foreigners are ‘essential’ for Singapore.

In a recent speech, PAP’s paramount leader Lee Kuan Yew sent a timely reminder to Singaporeans:

“Please remember: We still need 900,000 foreign workers on work permits.”

And the ‘modest’ number excludes that of foreigners on S and E passes.

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2 Responses to “Lim Boon Heng: Average monthly wages of Singaporeans have ‘grown’”

  1. starwars said

    so how then? singapore remains competitive. singaporeans no need to live. or buy houses. just beg. simple. lets keep it that way.
    raise productivity. suppress wages. its fine and dandy people.

  2. jason said

    grow from what? from $5/hr to $5.20/hr?

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