PM: 20% wage rise in 10 years within reach

A wage increase of 20 per cent is possible in the next 10 years, even in unfortunate circumstances, said Prime Minister Lee Hsien Loong in a dialogue recently.

"That is a very ambitious target for us to do because we are already at a very high level of development," he added.

To achieve this, productivity growth has to rise from 1 per cent a year to between 2 and 3 per cent.

Mr Lee added that Singapore has to rely less on foreign workers. In the last five years, about 150,000 foreign workers came into Singapore annually, he said.

With a population of about five million now, the population could grow to six million 10 years later and seven million 20 years from today, he said.

"I think we can squeeze a bit closer together but there is a limit to how much you can squeeze," said Mr Lee.

ORIGINAL SOURCE
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