The Ministry of Labour permanent secretary Mr Taito Waqa said Government understood that human resources were the most important commodities in the development of any country.
“That is why the adopted wage reform policy is aimed at giving wage earners the minimum social protection in the context of economic realities as outlined in its six economic criteria functions,” Mr Waqa said.
“These six criteria functions will be taken into account and used to determine the level of minimum wages.”
The criteria includes workers’ needs and their families, the general of wages in the country, the cost of living and changes, the social security benefits, the relative living standards of other social groups, the economic factors like the requirements of economic developments, levels of productivity and the capacity to pay.
Mr Waqa said workers spent more time at work than in their homes.
“That is why the human capital is so crucial in the development of a country. When people spend more time at work that means the employer has got a much more direct responsibility for national development,” he said.
“That is the reason for having committees so they can participate and spin the intellect to improve the intelligence, knowledge and skills of workers, thus improving the productivity of goods and services.
“Singapore is a living example of a country that boosts its human capital that resulted in increasing productivity, which is benefiting her economy for years now.”