Tag Archives: Market Forces

Tan Kin Lian: Ways to determine a fair wage

In my view, the right answer is a combination of the three methods, and to use the modern tools to achieve it. A wage panel can be formed to determine the recommended wages for the various types of jobs, after considering the inputs of the workers, relative difficulties of the jobs, and adjusting the wages yearly based on supply and demand (i.e. market forces). Employers are allowed to employ workers within a margin from the recommended wages.

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