Next three years an important test for companies as they restructure: Labour Chief Lim Swee Say

Labour Chief Lim Swee Say says that the next three years is an important transition time for companies as they undergo restructuring. 

Speaking to reporters at an NTUC event, celebrating International Women's Day, Mr Lim stressed that companies need to keep pace with changes or risk being eliminated. 

Mr Lim said that if the companies move too slowly, Singapore could lose its competitiveness.

He said this will result in higher unemployment and wage stagnation.

But he said if we try to move too fast, faster than what the businesses can cope with, we are going to see many businesses closing down and relocating.

Mr Lim, who's also Minister in the Prime Minister's Office, added that companies which are able to upgrade their operations during this period will be able to make full use of the Wage Credit Scheme. 

The scheme, announced during the Budget, is aimed at helping companies offset costs as they restructure.