US Auto industry bailout has died in the Senate. I understand the possible ramifications and effects on the US and global economy. But seriously?
The United Auto Workers’ Union has refused to accept the negotiation because of the proposed steep wage cut which brings its workers’ salaries in line with those of Japanese carmakers in the US, like Toyota and Honda. Their current hourly wage is about US$30, which is similar to the workers in the Japanese plants. This is already more than what i, as a graduate, am earning in Sg. Add to that the pension, medical benefits, and it goes up to US$69 per hour! You got to be freaking kidding me! That is over S$100 per hour!! And these are auto-industry workers, not psychiatrists or bankers!
And here in Sg, we do not want to legislate a minimum wage policy! No doubt, Sg’s plan to ensure its competitiveness should work for Singapore’s long-term future. So happens that Singaporeans suffer in the meantime. Are Singaporeans collateral damage in Singapore’s success? What kind of logic is that for a govt to use when deciding policy?