NWC recommends one-off payment to help workers tide over rising costs
WORKERS should receive a one-off payment - an inflation bonus of sorts - to help them deal with rising costs.
This was one of the key recommendations made by the National Wage Council (NWC) this morning in releasing its wage guidelines for this year.
While the Government and the unions are already taking measures to help workers cope with inflation, the NWC said employers should also play their part.
'Companies should consider giving a one-off special lump sum payment to rank-and-file workers, with heavier weightage for low-wage workers,' said Professor Lim Pin, the NWC chairman at a press conference.
The one-off payment, he said, would serve the dual purpose of helping workers, while keeping the employer's wage bill affordable in the long-run.
They stressed that keeping wages sustainable was important in a economic climate wrought with uncertainty. Along those lines, the council did not prescribe any specific figure for the one-off payments or wage increases, preferring to say that companies pay according to their performance.
The council also urged companies, workers and unions to work together to improve productivity through means like job redesign and training.
They red-flagged productivity growth as a trouble spot because wage growth has outpaced productivity growth for the second consecutive year.