Singapore, 29 September 2022 – Singapore Post Limited (SingPost) today issued a set of stamps to celebrate the Golden Jubilee of the National Wages Council. The illustrated stamps were unveiled by Deputy Prime Minister and Minister for Finance Lawrence Wong last evening (28 Sep) at the National Wages Council 50th Anniversary Dinner held at Parkroyal COLLECTION Pickering Hotel.
Since 1972, the National Wages Council has convened annually to deliberate and formulate wage guidelines for employers to meet the needs of businesses, workers and the economy. Comprising representatives from employer groups, unions and the government, the Council has played a critical role in fostering harmonious tripartite relations, and ensured sustainable wage growth in Singapore. This has enabled Singapore to build a climate of industrial harmony that is conducive to economic growth, social stability, and a higher standard of living for all Singaporeans.
Illustrated by artist Andy Koh, the set of four stamps takes a look at the history of the National Wages Council and its key achievements, from its formation in 1972 to how it has protected livelihoods through Singapore’s most recent challenge, Covid-19.
Inaugural 1972 National Wages Council Meeting
The National Wages Council was formed in 1972 as a tripartite advisory body on wage adjustments. Held at the Economic Development Board’s office in the Fullerton Building, the first Council meeting was attended by representatives from the unions, employer groups, and the government. The inaugural meeting established a key guiding principle – important decisions must be made unanimously. This principle continues to be upheld and forms the bedrock of tripartite partnership today.
Flexible Wage System
Singapore’s first post-independence recession in 1985 exposed the shortcomings of a wage system that could not be adjusted quickly in tough economic times. As a result, many companies resorted to retrenchment. In 1986, the National Wages Council recommended the adoption of a Flexible Wage System, which has the Annual Variable Component as a wage element that could be cut if necessary to save jobs. In 1999, the Monthly Variable Component was also introduced to allow companies to reduce wage costs promptly.
Uplifting Lower-wage Workers
The National Wages Council believes that the fruits of economic growth should be enjoyed by all Singaporeans. Since 2012, the Council has given special consideration to lower-wage workers by recommending quantitative wage increase for them. In 2021, the Council set out the first of its annual guidance on the range of Progressive Wage growth to uplift lower-wage workers.
Emerging Stronger from Covid-19
Staying united, the National Wages Council has helped employers and workers navigate and emerge stronger through the 1985 recession, the 1998 Asian Financial Crisis, 2003 SARS crisis, and the 2008-2009 Global Financial Crisis. Amid Covid-19, the Council convened four times over 2020 and 2021, and developed guidelines for employers on wages and managing excess manpower in a timely manner.
Sale of stamps
The stamps (valued between 30 cents and S$1.50), Pre-cancelled First Day Covers (S$5.00) and Presentation Packs (S$6.10) go on sale from today (29 September 2022) at all post offices, Philatelic Stores and online at shop.singpost.com, while stocks last.
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