The exuberant response from 25 CEOs cheered Education Minister Ng Eng Hen, who had sought their feedback during a panel discussion at a breakfast dialogue.

Other panellists included NTUC president John De Payva, Ministry of Manpower divisional director of labour relations and workplaces Ong Yen Her, and job centre e2i CEO Ang Hin Kee.

One head honcho said the year-long Jobs Credit scheme boosted his confidence to hire and think ahead, and in so doing reassure shareholders.

Said Mr Ken Tse, managing director of Nuance-Watson (Singapore) which sells perfumes and cosmetics at Changi Airport: 'It's not to be underestimated because once you have confidence, that sets the stage for you to think about the next phase of your business.'

Commenting on the CEOs' views, Dr Ng, who was manpower minister from 2004 to last year, said: 'The Government's approach is to be pro-business...Also, the flexible wage system made a difference.'

This week, the National Wages Council issued guidelines urging bosses to stick to earlier advice to cut or freeze wages before laying off workers.

Dr Ng felt that retrenchments had been staved off not for altruistic reasons, but because chief executives are aware that if they lay off now and the economy picks up, they will be at the losing end.

Layoffs in the past two to three months have moderated significantly, when compared to the 12,600 retrenched in the first three months of this year, said Mr Ong.

Read the full story in The Straits Times on Saturday.

zakirh@sph.com.sg

ZAKIR HUSSAIN