Nothing that singapore or other countries haven't been doing for decades now.
Nothing that singapore or other countries haven't been doing for decades now.
Indeed and the scheme is increasing miss-managed. Having schemes where people have lower wages with live in accommodation are fraught with issues and need risks of abuse that need high quality government and NGO efforts.
No. It is any government that bows to industry pressure that low cost labor is essential.
I have always told my friends that Asian, i.e. mostly HK and SGP, live our lives on a leveraged basis..
The whole low cost workers and helpers are about 'operational leverage'.. just like how one use financial leverages.
Husband and wife both go for income, as long as the wife's income is 2-3 times higher than the helpers, the trade can be done with positive carry.
Similarly, aging care home is also leverage.. As long as cost is lower than caring for the old folks, it works..
To get things done properly, the deleveraging will take an extremely long time.. If you impose minimum wage and comfortable environment for the aging care home now, the cost will become too prohibitive for the two working adult paying for that care.. that would force a deleveraging process that will be painful to the society and economy.
But no doubt that is really the right thing to do.. just how to carry it out.. End of the day, compounding growth in a country's economy is not sustainable over the longer run.. so we shld get to low GDP but comfortable living styles.. something the Europeans (people, not government nor the financial analysts) have realized over the years.