A feat to keep household incomes growing

It is a very significant achievement that household incomes in Singapore have grown (Household incomes rise in 2017, but at slower pace for bottom 50%; ST Online, Feb 8).

We should not be discouraged that the median household income grew by only 2 per cent.

In Britain, household income has been stagnant for 10 years.

Taiwan, too, has seen stagnant individual incomes for 20 years.

For Singapore, sustaining the growth in household incomes is very challenging. We should not take it for granted.

Singapore is a small market. The Government has to continue to convince investors and high-value industries to come here.

Companies need to take bigger calculated business risks and not wait to play it safe.

They should make full use of the Government's training grants to grow a very skilful workforce so as to capture the market and increase productivity.

Individual workers like you and me execute business plans in time, while keeping our eyes on quality. We can also train the newcomers to our companies, and share our knowledge with them to build a strong team that is cohesive.

Everyone plays an important role to ensure Singapore remains competitive and successful.

Sim Lim Onn

A version of this article appeared in the print edition of The Straits Times on February 13, 2018, with the headline 'A feat to keep household incomes growing'. Print Edition | Subscribe