By Aaron Low

THE National Wages Council (NWC) will take the unusual step of meeting again next month to revise the wage guidelines it set earlier this year.

The review, announced by the NWC yesterday, is prompted by the worsening global economic crisis.

Said its chairman Lim Pin: 'Given the weakening economic situation, there is a need for the NWC to take stock of the new situation and review its May guidelines to help companies and workers manage the downturn.'

Minister expects under 2.5% growth

Conditions have worsened since September, but some sectors holding up

By Francis Chan

TRADE Minister Lim Hng Kiang said growth could fall below the 2.5 per cent forecast this year due to the unprecedented fallout from global financial markets.

Mr Lim told the media yesterday: 'Nobody expected this to happen but the conditions have changed very negatively since September.

'If you ask businessmen, they were caught unawares by this change...so I am afraid the economy will come down lower than we expected.'

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