The economic downturn has presented many challenges for organisations. The National Wages Council (NWC) 2020/2021 Supplementary Guidelines encourage organisations to implement the Flexible Wage System (FWS) to sustain their businesses in the long term. The recommendations aim to help organisations sustain competitiveness, provide better job security as well as stability and predictability in wages for employees.
Join our webinar on Building a Sustainable and Flexible Wage System on 28 April 2021 to learn how your compensation system can be competitive and flexible and how you can restructure wages in response to changing business conditions and maintain manpower for eventual business recovery.
Responsible Cost Saving Measures in response to business downturns
To cope with the economic slowdown, the National Wages Council (NWC) convened for a second time in 2020 to issue supplementary guidelines to sustain businesses and save jobs under the challenging circumstances. The NWC also endorsed the updated Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment (TAMEM) in October 2020, which provides guidance on responsible cost-saving measures such as redeployment, direct adjustment to wages and shorter workweek, with retrenchment as the last resort. Given the adjustments that businesses have had to make during this period, employers and employees have been approaching MOM for advice on whether the measures implemented are reasonable.
MOM received some 1,200 inquiries and complaints over wage adjustments, highlighting the necessity for companies to have a process to make wage adjustments effectively and with transparency, even before a crisis sets in. Learn about:
- NWC and its key recommendations
- Overview of TAMEM
- FWS & its benefits
Staying Agile with a Flexible Wage System
Incorporating Flexible Wage System for HR Practitioners
Fireside Chat: Flexible Wage System Implementation Journey
Engage with the esteemed panellists Hao Shuo, Lynn Gan and Wong Keng Fye in a fireside chat moderated by AIvin Goh to discuss on their FWS implementation journey.
Director of Operations Policy and Planning, Labour Relations and Workplaces Division
Ministry of Manpower (MOM)
Wong Keng Fye
Head of Human Resource,