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Singapore, 1.9% unemployment with NO min wage.
Singapore, One of the highest incomes per capita in the world
Singapore, 1.9% unemployment with NO min wage.
Singapore, One of the highest incomes per capita in the world
it's impossible to hire someone who's pay exceeds his or hers productivity. that's the reason why the SF bookstore closed. I guess in the liberals mind no job is better that a job that pays what their productivity is worth.
Singapore is an island nation of 5 million uniquely placed in South east Asia for trade advantages and is a major trade hub. It is a financial center and is highly industrialized. It also has one of the highest income inequalities among developed countries, being slightly better than the U.S. You seem to cherish income inequity so this is a plus for you. Please outline how you would "Singaporeize" the U.S. economy. You can start by describing how to squeeze our area to 220 sq ft and moving our newly compressed mass between Viet Nam and Australia. Maybe this is a great idea for a conservative since the squeezing process will push the liberals in the coastal states into the ocean along with all the illegal and legal aliens.
http://www.thestandard.com.hk/breaking_news_detail.asp?id=45106
Singapore to set minimum wages for cleaners, security guards
(01-08 16:51)
Singapore's government is going to introduce a compulsory licensing scheme leading to mandatory basic wages for cleaners and workers in security sector, Deputy Prime Minister Tharman Shanmugaratnam said on Wednesday.
Nevertheless, the minister said that the moves are targeted approaches to use the industry licensing schemes to raise wages in certain sectors and that it is not a national minimum wage.
The scheme will make it mandatory for specified sectors to adopt a progressive wage model with basic wage levels set in accordance with the role of the employees, so as to raise wages progressively as workers' productivity improves through skills upgrading and training.
All cleaning companies will come under the scheme in September, with the entry-level pay for cleaners set at 1,000 Singapore dollars monthly. This is about 20 percent higher than the current median basic wage for cleaners.
Details for the security sector are still being worked out. --Xinhua
I bet once the wages rise the unemployment rate goes up as well
This has nothing to do with being a liberal or conservative.
What is the economic incentive and motivation for someone to work at a wage that pays less than their living costs?
For some reason, companies that have a low wage staffing model expect maximum effort and high levels of productivity from their employees for low compensation.
Those companies may look at their employees as low skill or no skill easily discard-able tools of production.
You see this a lot in the retail sector, say in grocery stores.
When they do not get maximum effort and high levels of productivity from unmotivated employees, experience high rates of employee turnover, and have customer complaints as to the level of customer service, they blame the employees, instead of admitting the root cause.
Their low wage compensations leading to unmotivated employees.
People demand low cost for goods and services, that demand requires a business to use low wage labor arbitrage to drive down employee wage compensation and benefit costs as far as possible and the result is as follows
Crappy compensation = recruitment problems, crappy unmotivated employees = staffing instability issues and increased employee turnover = leading to customer complaints as to poor customer service levels.
People that think that retail manual labor jobs that require someone to bust their ass should be compensated as low as possible just so they can buy what they want at a dirt cheap price, should not complain about the quality of employee and the level of customer service in a business.
Employee wage compensation and benefit levels and customer service and satisfaction levels are related to each other.
You get, what you are willing to pay for.
Be it quality of a product or quality of employee.
It is rational for someone to promote a low wage working poor worker class, if they in some way financially benefit from it as a customer of that business, a business owner, or an investor in that business.
They support a low wage arbitrage business model that cuts employee costs to the bone resulting in a financial benefit for them.
Even if it means the employees of that business due to low wages and low or no benefits fall into a working poor economic class and into poverty.
It is irrational for someone to want to work at a job that requires a great deal of physical effort for a wage that pays well below what it costs for them to survive.
I am not talking about someone that spends money on what they may want like a large screen tv, an iphone or other expensive stuff they do not need to survive.
I am talking about someone that works for a living to provide the survival money they need to pay rent, utilities, buy food and transportation costs to go to work.
As long as people are willing to take the job its on them. If no one wants the job then the company would have no option but to raise the wage.
Singapore's unemployment rate and minimum wage cannot be compared to the US for a myriad of reasons.
it's impossible to hire someone who's pay exceeds his or hers productivity. that's the reason why the SF bookstore closed. I guess in the liberals mind no job is better that a job that pays what their productivity is worth.
Since when has a minimum wage job meant to be a career and to live off of? Are you trying to completely abolish the teen and first time job seekers out of the market?
I think you are wrong about supply and demand of workers being the sole factor in wage determinations.
I base that on the fact that I invest in companies within the grocery industry and as an investor I keep an eye on among other things, the cost of grocery labor and the number of job postings on grocery store websites, as that has impacts on the profitability of the company I invest in and my ROI.
If what you are stating is true about supply and demand and companies having no options as to raising wages if no one wants the jobs, why have some grocery clerk jobs on grocery store websites been open for months without anyone applying for them, and that lack of applicants has not resulted in an increase in the starting base pay for those jobs that would increase the number of applicants for those jobs?
No.
People need to keep in mind is that due to globalization, off-shoring and automation there have been structural changes in the U.S job markets that have resulted in large numbers of working adults, many with families, that are being employed long term in low wage jobs that are traditionally associated only with teens and first time job seekers.
There are things going on out there due to globalization, off-shoring and automation that are radically reducing the level of opportunities in the U.S job market for advancement into higher paying jobs.
the reason for the offshoring & automation IS because wages are too high to compete globally. when the cost of labor goes up companies will always look to cut
costs. automation is one way they do it here in the US.
you don't see ushers at the movie theaters any more, the reason is because of the minimum wage laws.
you never see people at gas stations filling up your tank, checking the tire pressure or cleaning your windshield all because of the unemployment law, the minimum wage.
I wonder how many more jobs have been abolished do to the minimum wage
Our CEOs are the highest paid in the world. Why aren't they being off-shored?
it's simple, they're the boss. they do what they want.
There's the problem. The guys at the top aren't being competitive with the CEOs around the rest of the world.
says who?
Says the facts. While corporations around the world are paying their top dogs around 20x what the average worker makes US companies are paying hundreds of times what the average worker makes. It's making US businesses uncompetitive.
what facts?
The facts that US CEOs are way overpaid and they are hurting the competitiveness of their companies.
There's the problem. The guys at the top aren't being competitive with the CEOs around the rest of the world.
Singapore, 1.9% unemployment with NO min wage.
Singapore, One of the highest incomes per capita in the world
Where did you get this information? how did you calculate the differences between the companies ad their ceos like are they stock options or yearly income? what about profits, number of employees, taxes, publicly traded company, private, ect... post the link where you got your info.
And if they are so what? you don't like it, become a ceo and pay yourself what you want. what wrong with that?