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.
Bu hikaye The Straits Times dergisinin November 15, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Straits Times dergisinin November 15, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
GAWILAN EYES PARIS PEAK
But before that, the Filipino is set to duel with Toh at OCBC Aquatic Centre
DOI WANTS TO BE SPL LEGEND ON RETURN
After tough’ stints, 2021 Player of the Year looks to make a bigger impact with Geylang
Intensity helps Paul to unlock Hurkacz
When things got a little topsy-turvy at the Italian Open quarter-finals on May 16, Tommy Paul told himself that he had to up the \"intensity\" to win.
DONCIC PLAYS SMILING ASSASSIN
Slovenian star finds his focus as Mavericks silence Thunder; Celtics see off Cavaliers
VJC TEAMS FLOOR RIVALS IN A DIVISION
Boys survive tense test in shoot-out win over RI as girls avenge loss to River Valley
SIA shares slip amid Investor concerns over rise In costs
Carrier says it is well-positioned despite headwinds as competition intensifies
Red Sea disruptions fragmenting global LNG trade into regions
LONDON It has been four months since a liquefied natural gas (LNG) tanker has passed through the narrow strait separating the Arabian Peninsula and Africa, testament to how violent attacks there have upended global energy trade.
Charles Keith’s co-founder named Businessman of the Year
Charles Wong lauded for role in turning shoe retailer into global fashion brand
Amazon workers say they struggle to afford food, rent
But firm describes study on US employees’ economic well-being as deeply flawed’
SUTD partners 12 institutions to enhance design education
Global alliance to explore student and faculty exchanges; it includes schools in Beijing, NY