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Economics

Prof Tommy Koh lauded by netizens for his progressive views on wages for low-income groups

During the round table discussion on wages in the ages of disruptions hosted by Straits Times, National University of Singapore Professor Dr Tommy Koh argued that the government's apparent resistance towards implementing a minimum wage in the Republic is rooted in "fake" ideological arguments. The Ambassador-at-Large at the Ministry of Foreign Affairs said that the Singapore government has always insisted …

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Singapore needs to rethink its management of local & foreign talent if it wants to remain competitive in oil and gas industry

Recently, Singapore has been tightening the hiring requirements for expats. It’s now getting harder and harder for local companies to hire foreign talent, be it mid-level to managerial staff and beyond. This is becoming a real struggle for both expats and local business. One expat turned citizen, Phillip John William, who has been in Singapore for 43 years shared his …

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Former GIC Chief Economist: If top leaders are so keen on creating more equality, why is basic income policy still so pathetic?

Former Chief Economist at GIC and former adjunct professor at the Lee Kuan Yew School of Public Policy Yeoh Lam Keong lambasted a statement made by the Minister of Trade and Industry Chan Chun Sing recently, questioning the lack of "concrete and effective policy action" by the upper echelons of Singapore's leadership. Speaking at a public policy conference last week, Mr …

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Implementation of minimum wage in Singapore impractical for employers, may encourage unemployment: Minister for Manpower Josephine Teo

The prospect of implementing a uniform minimum wage in Singapore remains impractical, as doing so would corner employers into paying their workers a higher salary than the market rate, producing the effect of a "tax" on employment, said Minister for Manpower Josephine Teo on Friday (26 Oct). Speaking at a panel discussion at the Institute of Policy Studies' 30th Anniversary conference …

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Unrealistic for NEA to rely on SEHCs to produce “tech or business model innovations” that can remedy hawker industry’s “cost disease”: Former academic Donald Low

It is "unrealistic" for the National Environment Agency (NEA) to expect social enterprise hawker centres (SEHCs) to be the panacea for "the underlying cost disease in the hawker industry," says former academic Donald Low. Baumol's cost disease, or the Baumol effect, refers to a rise in wages in industries with no productivity gains as a result of higher wages observed in …

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“Hawkers do not exist to make the hawker centre or the city vibrant”: Donald Low, in response to MP Lim Biow Chuan’s remarks regarding the hawker centre debacle

A Facebook post by a former academic that has gone viral lambasted Mountbatten Member of Parliament (MP) Lim Biow Chuan's justification regarding the operating hours of stalls in social enterprise hawker centres (SEHCs), with the MP stating that it is "incorrect" to suggest that "hawkers had to work super long hours." Donald Low, in his Facebook post on Wednesday (24 Oct), …

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A new Orchard Road on the horizon, says Senior Minister Chee Hong Tat

Orchard Road is in line for a revamp, says Senior Minister of State for Ministry of Trade & Industry Chee Hong Tat at ITB Asia 2018 on 17th October. As part of the latest strategies to attract tourist to Singapore, Mr Chee said that plans are being made to transform Singapore’s famed Orchard Road into more than just a shopping …

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Singapore’s GDP grew by 2.6 percent in the third quarter of 2018

The Singapore economy grew by 2.6 percent on a year-on-year basis in the third quarter of 2018, moderating from the 4.1 percent growth in the previous quarter based on advance estimates. The Ministry of Trade and Industry (MTI) announced on last Friday that the economy expanded by 4.7 percent, faster than the 1.2 percent growth in the preceding quarter on …

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Singapore ranked as one of the 10 worst countries in tackling inequality

Singapore is one of the worst performing countries in the world at tackling inequality, according to a newly released edition of the Commitment to Reducing Inequality Index developed by Oxfam and Development Finance International. The index, which ranks 157 countries on their policies on social spending, tax, and labor rights is being published ahead of this week’s meeting of finance ministers and other …

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IRAS: $50.2 billion in tax revenue collected in Financial Year 17/18

$50.2 billion in tax revenue was collected in Financial Year (FY) 2017/18, marking an increase of 6.8 percent from the previous FY and came on the back of better-than-expected economic expansion of 3.6 percent in 2017. In a press release on Wednesday (26 September), the Inland Revenue Authority of Singapore (IRAS) shared that the increase in revenue collection was attributed …

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