24 Jul '11, 11pm

Firms face wage pressure as workers expect more because of inflation

SINGAPORE: Business opportunities for Mr Ong Teck Soon are abundant now, as companies rush to him for e-supply chain solutions to raise their efficiency amid the tight labour market. But meeting the business orders is a challenge for him as his business is also hit by the labour crunch. Said the chief executive of SESAMi and Abecha: "The higher labour costs have increased our business costs, so profit margin is definitely affected." Teho Ropes & Supplies managing director Lim See Hoe told MediaCorp that he has had to offer up to three per cent more in pay raises this year because of inflation expectations. "Employees are all expecting more because of higher costs, so we feel the pressure to be competitive to pay more to attract and keep staff," he said. Last Thursday, the Monetary Authority of Singapore raised its inflation forecast for this year to between four and five p...

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

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