A total of 34% of firms said they planned wage increases of at least 3%. Read more at straitstimes.com.
which has failed to keep up with the fastest inflation in 40 years. That push got a boost last week when Uniqlo operator Fast Retailing Co said it would raise wages as much as 40 per cent.
“If the company isn’t competitive, raising wages translates just to higher costs that will only worsen its situation,” he added. To help pay for it, the plan calls for corporate tax surcharges of 4 per cent to 4.5 per cent that would take effect from fiscal 2024 or later. Asked what expenses would be curtailed if corporate levies go up, the top answer was capital spending, at 42 per cent, followed by dividends and wages.
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