Career & Education
Do You Know How Singapore’s Flexible Wage System Affects You?
By Planner Bee  •  May 1, 2023
In this climate of economic uncertainty, Singapore’s National Wages Council (NWC) late last year urged more companies to adopt the flexible wage system. Overall, the flexible wage system is one of the key features of Singapore’s approach to economic development and can have an impact on individuals both directly and indirectly. Additionally, the flexible wage system is part of Singapore’s broader efforts to maintain a competitive and efficient economy. By linking wages to performance and economic conditions, the system encourages productivity and efficiency, which can benefit the wider economy and society. If you’ve never heard of this term, it’s important to find out what it entails and how it could affect your salary. What is the Flexible Wage System? The Flexible Wage System is based on the principle of wage flexibility, which means that wages are adjusted according to changes in the labour market and business conditions. Under the Flexible Wage...
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By Planner Bee
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