15 Mar '11, 10am

Senior Minister Goh Chok Tong warns that Singapore's model of relying on cheap foreign labor to boost output is...

Senior Minister Goh Chok Tong warns that Singapore's model of relying on cheap foreign labor to boost output is...

SINGAPORE : Singapore has to make changes to the way it grows its economy as the model of relying on cheap and plentiful foreign workers to boost output is not sustainable, said Senior Minister Goh Chok Tong. He was speaking at the Installation Ceremony of the 56th Council of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) on Tuesday. Mr Goh said Singapore has raised the Foreign Worker Levy and provided incentives for businesses to raise productivity. He also said the government will work closely with industry associations and business chambers to help their members become more competitive by improving their business models and raising productivity. "Some people believe that the Foreign Worker Levy will be reversed if the economy slows down. But don't bank on it. I would like to reiterate here that the government is determined to reduce the dependency on for...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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