A lot of my peers and Singaporeans do not understand the idea of a minimum wage scheme and they sing the same tunes as what our PAP gahment in Singapore. That this idea is just another dirty welfare scheme. Really WTF response.
First of all, understand what a minimum wage is by reading here. It's a more balanced explanation of this scheme and my emphasis is that schemes and policies can be tweaked.
From my perspective. It's good for Singapore as most of our low paying workers are actually underpaid and there are no growth in their income since the last 2 decades. The main reason is that all the major corporations and companies are taking up the profit (being monopolistic) instead of correctly distributing the profit to their employees. Most of these low skilled workers are in the construction business, service line such as restaraunts and retail shops. These people need a mechanism to protect them. As shown in the link above on the Card and Kreuger's investigation on increasing the minimum wage in New Jersey in 1992
Our gahment can actually set aside certain industries to have such a scheme. Please don't tell me they can't do it. If they can so effectively stream kids in their Primary or Secondary schools. Then it can be done easily. The main issue here is they kept arguing that its difficult to set the amount of a minimum wage. Because as market forces convenes and price might go up and down. The wage should follow market rate and such constant changes means that today I set $5.00. 1 or 2 months later it will be not enough or it will be too much. So it's meaningless to do it.
Utter bullshit. The main reason to set a minimum price is just to set a baseline to protect these low wage and low skilled workers. You need work to survive in SG. You will work even if its underpaid like what we have now. These corporations just squeeze these poor people out by setting their own "market rate" Company A will say we will pay $2 an hour and ask B and C to follow. The rest of these companies will follow suit as I get to earn more and keep my labour cost low.
Think about it in this way. If you start a business, you need to consider the minimum profit you want to earn right? Why? The labour and effort that you put into it lor. So what's so different is this from the minimum wage? So stop saying its useless or will not work. It's bullshit and our gahment will never implement this as the one that will hurt the most if it's being implemented will actually be our bloody Gahment related Stat board corporation and even our own bloody gahment.