atans1

How come HK got minimum wages but more competitive?

In Economy, Hong Kong on 12/06/2016 at 1:23 pm

Don’t PAP ministers insist that minimum wages will destroy the S’pore economy?

These tots crossed my mind when I read the headline:

Singapore Loses to Hong Kong in Race for Most Competitive

http://www.bloomberg.com/news/articles/2016-06-09/singapore-loses-to-hong-kong-in-race-for-most-competitive

But after reading the report, more nuanced tots came to mind.

One tot: S’poreans want to restrict the flow of FTs but this it seems makes S’pore less competitive.

Singapore’s stricter rules on hiring foreign labor, which adds to business costs.

“The key difference between the two territories is Singapore’s restrictions on importing foreign labor, and their policy of boosting labor costs to discourage companies from being dependent on foreign labor,” said Brian Tan, an economist at Nomura in Singapore. “When you push labor costs, that’s going to have an effect on competitiveness.”

… Hong Kong’s labor market as more competitive than in Singapore, with the China-controlled territory improving from 2015 on scores such as working hours, skill levels, unemployment legislation and immigration levels.

Hong Kong also leads Singapore on business efficiency, including productivity and here PAP administration can’t blame the plebs management practices, according to IMD.

Next, there seems to be a disconnect between what the local PMETs (and even this retiree) feel and the “experts” say: FT policy to us is not restrictive what with FTs being allowed to become drivers and barbers.

Another tot:“It’s not just the economy, stupid,” says a poster by the Brexit campaign in the UK.  And one of its charismatic leaders surely is right when he says, “We need to value people’s quality of life and standards of living and not just national GDP figures.” (But Brexit would say these rhings. The conventional economic wisdom is that the UK is doomed economically if it leaves the EU.)

Coming back to HK’s liberal FT policies: HK is Goh Meng Seng’s paradise on earth. Funny he doesn’t laud HK’s liberal immigration policies. He’s got his family there but thinks he is entitled to lecture us on the failings of the PAP. Surely the PAP in doing the popular thing (restricting FTs) is doing the wrong thing, and HK , GMS’s paradise on earth, the right thing?

Juz remember for S’poreans now:“It’s not just the economy, stupid. and”“We need to value people’s quality of life and standards of living and not just national GDP figures.”

 

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