Cut in employers' CPF rate, more wage reform among measures NWC can push for: economists

They say that with the rapid pace of change, the council may have to start holding its meetings more than once a year, and engage in dialogues with stakeholders

Published Thu, Aug 6, 2020 · 09:50 PM

National Wages Council

Singapore

THERE is broad agreement among employers, workers and government representatives and economists that the National Wages Council (NWC) has a big role to play in helping Singapore to weather the Covid-19 recession and cope with its aftermath.

Some quarters suggest that it should push for a big cut in employers' Central Provident Fund (CPF) contributions and for wage reform in its upcoming round of negotiations - unusually, its second one this year.

They say that the NWC is the very embodiment of tripartism - Singapore's unique brand of cooperation among the government, businesses and labour that has been credited as key to Singapore's economic success.

Set up in 1972, the panel has 20 members, who come from among the ranks of employers, workers and the government. The council meets once a year to formulate wage guidelines that are in sync with Singapore's prosp…