Happy National Day.
Two years ago, a severe global recession hit the world. Today, workers in some countries are still suffering the pain of job loss.
In the USA, worsening structural unemployment means millions could be unemployed for a long time.
Many in the 40’s & 50’s fear that they may never be employed again for the rest of their life! Some talks that full employment could mean 6% unemployment rate from now on!
In Europe, high youth unemployment means many jobless youths today could grow up to be unemployable workers in future.
Number is not small. Among those less than 25 and not in school, 20% to 40% are out of jobs across Europe. High level of structural unemployment may continue into the future.
In Singapore, we succeeded in putting the global recession behind us. Our economic growth is healthy (rebound one of strongest), job creation is strong and unemployment is low (one of lowest). Envy of many countries we met at ILC.
As Singaporeans and tripartite partners, we can be proud of our unity in securing this quick and solid turnaround together.
While others struggle to overcome problems of failure - jobless workers in USA just wish there are more jobs for them to chase after, we must keep building on our success because offence is the best defence.
Having regained full employment, our challenge is to do even better on two fronts.
First, keep creating enough good jobs for ourselves and our children. It is important that we stay ahead of global competition because we cannot afford a high unemployment rate of 8 per cent as in the case of Europe, or 9 per cent like in the USA.
Otherwise, a weak labour market in Singapore will cause our wages to stagnate.
Second, help Singaporeans capture better job opportunities, earn better wages and pursue faster career advancement.
This means higher wages for our low-wage workers; fair wages for our matured workers; meaningful career opportunities for our back-to-work women; and better career prospects for our PMEs (Professionals, Managers and Executives).
We are mindful that this will not come easy.
It will not be easy for contract and low wage workers to earn decent wage if businesses keep adopting cheap-sourcing to cut cost instead of upgrading job, skills and productivity.
It will not be easy for mature workers to work longer and save for more years in retirement if employers keep cutting their CPF, wages and benefits.
It will not be easy for PMEs to accept the inflow of foreign PMEs if globalisation only means more foreign PMEs taking away good jobs and better career prospect from them in our local job market.
Such a win-lose scenario is often seen in other countries between management and workers, local and foreigners. Win-lose will eventually end up in lose-lose. When this happens, social stability will be weakened, economic growth will slow down.
Fortunately, this is not what the Singapore spirit is all about.
With the collective efforts of everyone, we believe in a win-win outcome to create a Better Singapore for all.
In outsourcing, we believe it is possible for businesses to be profitable, customers to be satisfied and workers to be paid decent wages if all parties embrace best-sourcing to improve skills, quality and productivity and not cheap-sourcing.
In the employment of mature workers, we believe it is possible for businesses to stay competitive while enabling mature workers to prepare for more years in retirement, if we look at mature workers not as a burden, but a valuable and stable source of expertise and experience.
As for PMEs, globalisation means greater mobility of PMEs across the globe. So we see more foreign PMEs working here in Singapore just as we see more Singaporean PMEs working out there in other countries.
To ensure a win-win outcome, we believe it is possible for globalisation of business operation and progressive localisation of management to go hand-in-hand. In line with this mindset of “glocalisation”, we call on more Singapore based enterprises to nurture and develop local PME talents pro-actively as a medium to long term commitment.
In short, we strive for Singapore to be first in global competition to sustain healthy growth and create enough good jobs. We also strive for Singaporeans to be first in local employment to take on better job, earn better pay and live a better life.
Few countries can set their sight so high, but we dare to because our children are well educated, our workforce is well trained, our economy is competitive and our tripartite partnership is strong.
Let us keep strengthening our Singapore Spirit. Together in unity, we can march forward as one unlimited economy and one united workforce.
Majulah! The Singapore Spirit.
Majulah! U & me.
Happy National Day to all.
