I am more of a free market person so when Lim Tean is proposing for a minimum wage this is something I cannot agree with. Also from many of the examples he gave I cannot see that those countries have successfully solved the problem of stagnating salary. Also do we have a lower standard of living compared to those countries mentioned that have minimum wage?
GDP per capita from wikipedia
This pretty much means on average, people working in singapore is making a lot of money compared to the rest of the world.
Rankings by Country of Average Monthly Net Salary (After Tax) (Salaries And Financing) from numbeo
With these stats I recon we are doing pretty well to those minimum wage countries. So how can minimum wage solve the problem of a ‘rentee’ society?