The Association of Small and Medium Enterprises (Asme) has welcomed the National Wages Council's (NWC) new wage guidelines, as the broad framework gives businesses the room to tailor implementation of the wage increases on a case-by-case basis.
Mr Ang Yuit, vice-president of Asme, said that "as an association, we want to encourage the business owners to adopt the guidelines of flexible wages and implement what works for their business".
The NWC has recommended a "fair and sustainable" rise in wages for the period from Dec 1, 2022, to Nov 30, 2023.
To achieve this, companies are encouraged to beef up the flexible wage component of pay.
Lower-wage workers also get higher wage increments of 5.5 per cent to 7.5 per cent, or at least $80 to $100, up from the range of $70 to $80 in the past year's guidelines.
Dr David Leong, managing director of HR consulting firm People worldwide Consulting, said employers should consider wage adjustments to retain workers and hire more.
He added that working on the monthly variable component is the most sensible way for companies to increase wages as it can be adjusted when times are difficult.
This story is from the November 15, 2022 edition of The Straits Times.
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This story is from the November 15, 2022 edition of The Straits Times.
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