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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (55344)	11/11/2001 10:58:35 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

This can't be a good sign. Stan Monday November 12, 8:07 AM Singapore council seen calling for wage cuts sg.news.yahoo.com SINGAPORE (Reuters) - Singapore's National Wages Council (NWC), a government advisory body, could call for severe wage cuts to save jobs, the local Sunday Times newspaper quoted Deputy Premier Lee Hsien Loong as saying. "In May, they (the council) said that if a company is losing money, they can consider wage cuts; if not, then they can reduce bonuses," Lee told reporters. "But we have to see if that is sufficient or we have to go further than that." He expected the NWC, which is due to meet in two weeks' time, to recommend "some very severe restraints as the minimum". If the NWC does so, it would be only the second time it would have proposed wage cuts in its 29-year history. Recession-hit Singapore's export-driven economy is headed for a three percent contraction this year after 9.9 percent growth in 2000, reflecting the hard times businesses in the city state are now facing. Key electronics exports have slumped in the wake of a global slowdown.