• In 1971, then Minister for Finance Hon Sui Sen twice proposed to set up the National Wages Council. He pointed out that if Singaporeans were fully employed, wages and related compensation would increase. Therefore, it was necessary to formulate plans for bonuses and incentives or set up a wages council to ensure that the representatives of employees, employers and the Government could engage in level-headed discussions to consider the interests of all parties.
• In February 1972, the National Wages Council was formally established, with Professor Lim Chong Yah from the then University of Singapore as the first Chairman.
• The National Wages Council meets every year to discuss employee wages and related issues, and proposes wage guidelines based on the consensus reached in the discussions. The guidelines must be in the interests of Singapore’s long-term economic growth and must not affect Singapore’s social development.

After considering the anticipated uneven pace of recovery across industries, the National Wages Council decided to extend the validity of the wage guidelines issued in March and October last year to 30 November this year. (Lianhe Zaobao, 15/5/2021)