n a recent survey of international competitiveness, Singapore comes out tops in labour wage competitiveness. I wonder if this is a double-edged compliment.
In the same survey, Singapore is ranked 30 or 40-something in business innovation/entrepreneurship. If you combine these two together, it just means the source of Singapore's competitiveness is not first-world brainpower, but third-world low wages and the willingness of its people to take such shit.
As for cost of living going up due to minimum wage, ask yourself whether cost of living has stayed low due to the lack of minimum wage?
No. The reason is low wages allowed things like rent, utilities, govt fees, company profits to go up.
By the same token, high wages may depress other cost factors.
Today it is quite ridiculous, you pay $10,000 a month to the landlord(often a govt linked GLC) for shop space and the worker manning the shop 10 hours a day $1600 a month...cost-wise it is the same if you pay $9K rent and $2.6k in salary.
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