The local qualifying salary is not a minimum wage. What is a local qualifying salary and why is it needed? TODAY spoke to economists and academics to find answers to these questions, as well as understand what they foresee would come out of the chosen model, as opposed to Singapore implementing a minimum wage in the traditional sense of the word. What are the fundamental differences between a “universal” minimum wage model - also what the Workers’ Party has called for - and the hybrid progressive wage model-local qualifying salary model that Mr Lee said would be adopted here? Is it right, then, to broadly interpret the news as the introduction of a national minimum wage?
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SINGAPORE - Prime Minister Lee Hsien Loong announced in the National Day Rally on Sunday (Aug 29) a new requirement for firms that hire foreign workers to pay all their Singapore employees a "local qualifying salary" of at least S$1,400 a month. The changes directly affect 82 per cent of lower-wage workers, but it would lead to a “spillover benefit” to those who are not covered, they said.Still, experts said the latest changes announced by Prime Minister Lee Hsien Loong largely meet the objectives of a minimum wage.A minimum wage system would cover everybody, irrespective of employer or job.In short, local qualifying salary helps determine how many foreign workers a firm can hire.TODAY looks at the differences between a classic minimum wage model and the one Singapore is adopting.
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