Terry Xu of TOC demonstrates his lack of understanding when he ran down tripartitism in Singapore in an op-ed published 17 October on his disappointment with NTUC.
98.3% of Singaporean workers are already earning more than $1300. So why is WP still calling for a universal minimum wage of $1300, and Terry Xu taking up on their behalf on this call?
Because minimum wage is politics, not economics. It's about a politician's popularity, not workers' welfare.
The politicians decide, BASED ON THEIR OWN OPINION, what they think a worker should earn at the minimum.
Minimum wage is at best, populism at work. At worst, it is a cosmetic change that looks good on the outside but changes nothing on the inside because it does not address the needs of workers or the needs of the industries where they work.