Reuters, 16 Jan 2009, Kevin Lim
SINGAPORE, Jan 16 (Reuters) - Singapore's National Wages Council (NWC) said on Friday unemployment will be "substantially higher" this year, and recommended firms affected by the economic downturn institute a wage freeze or wage cuts to stay competitive and save jobs.
The council, which comprises representatives from government, employers and unions, however, ruled out cutting employers' contribution to the Central Provident Fund, the retirement fund for Singapore workers.
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