Download or read book Singapore's National Wages Council written by Chong Yah Lim and published by World Scientific. This book was released on 2013-12-30 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by Emeritus Professor LIM Chong-Yah, Founding Chairman of the tripartite National Wages Council (NWC), this unique volume offers readers an insider's view of the genesis and the evolution of the wage determination mechanism and system in Singapore under the aegis of the NWC. As a tripartite body dealing with wages, wage policies and wage-related matters and promoting Growth with Equity, the NWC played a critical role in transforming industrial relations in Singapore from the then confrontational approach to that of mutual understanding, esprit de corps and social co-partnership. Drawing from his 30-year experience as NWC Chairman (1972–2001), Singapore's eminent Economics Professor shares with readers the important process and problems of seeking equitable wage increases through tripartite consensus based on a yearly national wage guideline system. The book also chronicles the role of the NWC in crisis management in 1974, 1985 and 1998, and in Economic Restructuring, 1979–1981. The structure and operation of this unique Singapore institution and the interesting problems of securing unanimity of support from the three tripartite partners are revealed in the book. Some important NWC personalities and their concerns and unique contributions are interestingly covered, anecdotally. Contents:Lectures and Articles on NWC:Tripartism in Singapore: The Wage Guideline SystemIndustrial Relations, Economic Restructuring and Exportability of the NWC ModelCrises Management and External AssessmentsSingapore and the World Economic CrisisEconomic Restructuring in SingaporeThe NWC as I See ItThe Concerns of the National Wages CouncilNWC: Targets and GoalsNWC: The Politics of ConsensusNWC: Issues and InitiativesA Decent Wage for a Decent JobLetters to the Prime Minister:NWC's Recommendations on Countermeasures to 1974 Inflation Crisis: Letter to the Prime Minister on 8 May 1974NWC's Recommendations on Economic Restructuring: Letters to the Prime Minister on 12 June 1979, 3 June 1980 and 13 May 1981NWC's Recommendations on Countermeasures to 1985–1986 Recession Crisis: Letter to the Prime Minister on 21 April 1986NWC's Recommendations on Countermeasures to 1998 Recession Crisis: Letter to the Prime Minister on 2 November 1998Awards and Commendations:AwardsDr Lee Boon Yang on Prof Lim Chong YahMr Lim Boon Heng on Prof Lim Chong YahMy Personal Reflections as NWC Chairman:Recollection and ReflectionsTwo Special Lectures and a Postscript:Does Singapore Need Economic Restructuring 2 or Another “Wage Revolution”?Shock Therapy 2 Proposal RevisitedPostscript on Income Distribution, Economic Restructuring and Full Employment Readership: Undergraduates, postgraduates and general public who have a keen interest in labour economics and industrial relations. Keywords:Wages;Wage policy;National Wages Council;NWC;Tripartism;Quantitative Guidelines;Qualitative Guidelines;Employment;Unemployment;Competitive Wages;Productivity Enhancement;Economic Restructuring;Crisis Management;NWC Memorandum;Industrial RelationsKey Features:The book is written by Emeritus Professor Lim Chong Yah, one of the most pre-eminent economists in Singapore. He was the Founding Chairman of the NWC for 30 years. A book on the NWC by the Founding Chairman of NWC is the closest a reader can get to the core of knowledge of the NWCThe book is the most comprehensive book on wage determination mechanism and wage policy in SingaporeThe history of the NWC is closely intertwined with history of Singapore economic development. The book thus gives invaluable insights of several episodes of macroeconomic management in SingaporeReviews: “Singapore's wage policy and model of tripartite cooperation were key drivers in the successful industrialization of Singapore in the 1970s and 1980s. Professor Lim Chong Yah was in the driver's seat of the National Wages Council for some 30 years since its formation in 1972. He shares his unique experience, thoughts and perspective of the issues and challenges facing the Singapore economy in its transformative years in this easy-to-read book.” GOH Chok Tong Emeritus Senior Minister, Singapore “This book is an excellent record of the genesis, objectives, and operation of the National Wages Council (NWC). It serves to inform the current and future generations of Singaporeans on many important aspects of the NWC. The chapter on Professor Lim's personal reflections as NWC Chairman where he wrote on many well-known personalities and their involvement with the NWC is most treasured.” Dr CHEW Soon Beng Professor of Labour Economics and Industrial Relations Nanyang Technological University “From achieving economic catch-up through international technology diffusion to implementing downward wage flexibility to hasten recoveries from adverse recessionary shocks, it is necessary that functioning institutions exist to facilitate conflict resolution among competing groups in society. The ubiquitous influence of the National Wages Council (NWC) as a key and unique institution that has brought together employers, representatives of labour unions, and Government to resolve conflicts — through the oil crises of the 1970s to the fallout from the Asian financial crisis in 1998 — is now given an insider's account. Professor Lim, Chairman of NWC from 1972 to 2001, has now given us an engaging analytical and personal account of the workings of this important institution.” Dr HOON Hian Teck Professor of Economics Singapore Management University “To many people outside Singapore, the industrial peace that Singapore has enjoyed in the past 40 years is unfathomable. How did we forge such close tripartite relations among employers, unions and the government? One of the most important contributors to this is the NWC process. Prof Lim Chong Yah has, in this insider's view, given much color to what went on behind the scenes — how he facilitated the building of relations among the principal players in this unique relationship.” LIM Boon Heng Former Secretary-General, National Trades Union Congress Deputy Chairman, Singapore Labour Foundation “The ILO has been impressed by the NWC mechanism which ensures tripartite participation and tripartite dialogue. I am glad that Professor Lim has decided to share his rich experience in the new book by presenting issues and the processes leading to the solutions of problems. This by itself shows Professor Lim's wisdom and ability to strike consensus among the government, and employers' and workers' organizations. It also reflects Professor Lim's remarkable contributions to decades of industrial peace and economic growth in Singapore.” Dr NG Gek Boo Former ILO Assistant Director-General and Regional Director for Asia and the Pacific “In 1965, the just born city-state had a per capita GDP of US$ 516. In nominal terms, it rose by 100 times to US$ 51,709 in 2012. In this accomplishment, the most crucial role was played by the country's only resource — manpower. Guiding the pricing of that resource, ably and humanely, was the task carried out by Prof Lim for three decades as the NWC Chair. Many manpower-rich developing countries will benefit from a reading of this insider's account of NWC and its contributions to the Singapore's success story.” Dr Bhanoji RAO Hon/Adjunct Professor, ASCI and IBS, Hyderabad Member, Governing Board, GITAM University “I was privileged to serve as the Government Member of NWC when it was inaugurated in 1972. As the Founding Chairman, Professor Lim ably led the Council towards convergence of the divergent positions of the tripartite partners namely the Government, Employers and the NTUC. Intellectually sharp, he was also astute in reading the body language of the principal members. Blessed with a sense of humor, Professor Lim was able to bring round all three tripartite partners to agree on unanimous recommendations to the Prime Minister. The NWC under the outstanding leadership of Professor Lim brought about over decades of industrial peace and steady consistent GDP growth in the 1970s, 1980s and 1990s.” NGIAM Tong Dow Former Permanent Secretary Ministry of Finance Ministry of Trade and Industry