Don’t blame the tightening of foreign labour policy. Hong Kong has minimum wage while Singapore doesn’t. Singapore has been on the steroid of cheap foreign labour for far too long, so much so that it became opium to the economy and reduced productivity drastically.
PAP’s empty promise of raising productivity for the next few decades just fall flat while cost of business went up due to rental as well as other indirect taxes.
For a start, GST itself has affected our comparative cost structure to HK while not to mention ERP, COE and other hidden taxes.
Source: Goh Meng Seng
