The subject of wages is complex and multi-faceted. Many factors affect the rise and fall of wages, and the impact of such factors on the wages of different groups of workers varies.
The level of wages is important to the man in the street as it affects his purchasing power, and hence his standard of living and quality of life. Companies and industries pay close attention to wages because it directly affects their bottomline. Governments and policy-makers attach importance to it as the wage levels impact on a country’s competitiveness and attractiveness to investors.
Professor Hoon Hian Teck, who is an Associate Dean and a Professor of Economics at the SMU School of Economics, has been involved in numerous research projects on topics related to Macroeconomics, International Economics, Development, and Growth. One of his research focus is: wages in Singapore.
In this podcast, Professor Hoon shares his insights on how various government measures affect wages and the future of wages in Singapore.