S'pore productivity decline reflective of slowing economy: Teo Ser Luck
Trade and Industry Minister of State Teo Ser Luck says Singapore's productivity decline is reflective of the slowing economy.
He said as business activities slow, companies tend not to adjust their workforce immediately due to costs of hiring and firing workers.
Mr Teo said the process of redesigning jobs takes time with some industries needing a longer time to change.
And he said it's important to educate and provide guidance to these companies.
Mr Teo said about 7,000 companies have benefited so far from various productivity initiatives, with 86 per cent of them being Small and medium enterprises.
"This is why we must see beyond the short term fluctuations, but press on with our productivity drive for the long term. We must continue to boost productivity at all levels - we need to restructure our economy to move up the productivity chain; companies need to also review their reliance on manpower; and workers need to upgrade themselves continuously to take on higher value-added jobs."
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