SINGAPORE — Prime Minister Lee Hsien Loong has urged workers to “accept wage sacrifices” to keep businesses going in the long term and employers to “make every effort” to keep their staff amid the severe economic impact from the COVID-19 pandemic.
Lee said the government has unveiled $60 billion worth of measures through the Unity, Resilience, and Solidarity Budgets to help workers and businesses cope with the downturn, and is also drawing on the national reserves. “And many workers will still see a pay cut, either because of lost overtime or direct wage reductions. This is unavoidable,” Lee said.
“This way, workers will remember and return the kindness, serve loyally, and help their businesses survive. Companies will also be in a better position to rebuild, when the economy begins to recover,” he added.