SINGAPORE - Mr Peter Seah has been appointed the new head of the 2015/2016 National Wages Council (NWC), said the Manpower Ministry said in a statement on Monday.
The Chairman of DBS Group Holdings and DBS Bank succeeds Professor Lim Pin, who chaired NWC from 2001 to 2014.
The ministry also said some of the key milestones Professor Lim achieved during his tenure as Chairman included a shift away from seniority-based pay elements towards more flexible incentives and variable bonuses tied to actual business performance. These have helped protect both businesses' viability and Singaporeans' jobs during difficult periods.
The NWC also introduced in 2012 guidelines calling for a minimum built-in wage increase for low-wage workers, so as to better recognise their contributions. This effort has contributed to the strong wage growth of low-wage workers in recent years under Professor Lim.
Minister for Manpower Tan Chuan-Jin said: "I thank Prof Lim for his leadership and guidance as Chairman of the NWC. Through tripartite partnership, the NWC continues to play an important role in guiding sustainable wage adjustments for Singaporeans.
"Mr Peter Seah has a wealth of experience and a distinguished record of service, and I am confident in his Chairmanship of the important work of the NWC."
Mr Seah served as Deputy Chairman of the 2014/2015 NWC. He is currently the Chairman of DBS Group Holdings and DBS Bank, and also serves as the Chairman of Singapore Health Services Pte Ltd and LaSalle College of the Arts Limited.
The NWC will convene in April and May 2015 to develop its annual wage and wage-related guidelines.
Members of the public are encouraged to share their views on what could be included in the annual wage recommendations, as well as other wage-related issues. Feedback received will be considered by the NWC as part of its deliberations.
Feedback can be directed to the Secretary of the NWC through mail or email by 04 May 2015:
National Wages Council
c/o Manpower Planning and Policy Division
18 Havelock Road #07-01
Fax: 6534 4840