Wage Policies In The Process Of Singapore's Industrialization

In the course of Singapore's industrialization, the wage policies were used as atool to promote the speed of industrialization by Singapore government.Singapore's wage policies embodied the characteristics in the different period ofindustrialization strategies. During the period of import-substitution industrializationand export-oriented industrialization, the government PaSsed legislation to intervenein the wage. Singapore government calls for lowering wages to attract investment todevelop the economy. The economy achieved a certain degree of development after1972, and the government initiated to set up a three-dimensional institution—theNational Wages Council. Since then, the Singapore government had specializedguidance to intervene in the wage policies. Under the guidance of the NWC, thegovernment used wage policy to lower the costs to enhance competitiveness, topromote industrial upgrading and solve domestic economic difficulties.Singapore wage policies were implemented widely. The main reason wasSingapore's special political environment. After the People's Action Party came topower, economic development became the main strategic goal. The PAP leadersfought against the leftists and carried out labor movements. In this way, theOppositions in Singapore significantly reduced, and the traditional unions transformedinto obedient unions. Such political characteristics of the Singapore economyprovided an effective political environment for the implementation of economicstrategy and wage policy in Singapore.