Singapore tightened curbs on foreign labor for a fourth straight year and unveiled measures that will raise wage costs for companies through 2015, as the government steps up efforts to increase productivity among businesses.
“This is really killing a lot of businesses, many companies are dying,” said Max Lee, managing director of Plasma Precision Technology Pte., which makes and repairs equipment used by offshore marine companies. His wage costs have risen 15 percent in the past year. “We are losing competitiveness and productivity.” Full story
