FEATURE
Long hard road to economic recovery
Photo credit: Ministry of Communications and Information
PM Lee is confident we will be able to tackle challenges, urges workers and employers to take longer term view as we deal with new operating environment
he Government has used Singapore’s reserves to save jobs, reduce costs for companies, and tide Singaporeans over during the ongoing Covid-19 crisis, said Prime Minister Lee Hsien Loong in his annual May Day Message. While this has helped save the jobs of local employees, businesses still have other costs to shoulder and it is “unavoidable” that many workers will Ȃ overtime or direct wage reductions. But Mr Lee encouraged both employers and workers to take a longer term view. In his speech on April 30 – Ƥ May Day Rally on Labour Day was cancelled because of the virus – he said workers have to accept wage cuts to keep
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businesses, and employers should do all ơǤ Dzȋ Ȍ Ƥ Ǥ ǡ workers will remember and return the kindness, serve loyally and help their businesses survive. Companies will also be in a better position to rebuild when the economy begins to recover,” he said. Praising workers for their resilience and for having taken the pandemic in their stride, PM Lee said the tripartite partnership comprising employers, the labour movement and National ȋ Ȍ
of how we work closely together as one nation to protect our vulnerable and leave no one behind.
Restarting economy in phases The process of reopening Singapore’s economy will not be easy. The number Ǧͥ͝ Ƥ before the circuit breaker measures – in force from April 7 to June 1 – can be eased, said Mr Lee. The pace of testing and contact tracing must be increased, and things have to be done cautiously with safeguards so that infections do not ƪ Ǥ Essential services have continued during the circuit breaker, and the rest of the economy will reopen step by step. Those sectors that keep Singapore connected to the world and global supply Ƥ sooner, but other businesses – such as entertainment outlets and large-scale
