Flexible wages help companies through volatility

By SMBWorld Asia Editors | Aug 18, 2010

It is clear that we are out of the doldrums. But with numbers in the US markets teetering between marginal increases and decreases, but hardly indicating a clear direction - one is left wondering.

Normally, the Asian markets tend to take the US lead. But for the first time in history, the Asian markets seem to defy gravity. The employment numbers churned out by our statisticians from the Ministry of Manpower (MoM) in Singapore will hopefully, put our minds at rest.

According to the MoM, a large majority of employees in Singapore were working in establishments that have adopted some form of flexible wage system.

Due to the difficult economic conditions, loss-making and less profitable establishments cut wages, while more profitable establishments gave small wage increases in 2009. This flexible and performance-based wage system has helped businesses cope with the recession.
 
These are some of the findings from the 'Report on Wages in Singapore, 2009' published by the Ministry of Manpower's Research and Statistics Department.

The 300-page Report presents information on wages of over 400 occupations, changes in wages and bonuses paid in various industries, as well as information on the extent to which employers have restructured their wage systems.
 
The key findings are summarized in the attachment. Please download from the link above.

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