I read a report that in USA, some workers are putting in 70 hours a week. They work hard, so that they can keep their jobs. But, when those with jobs work long hours, there will be less jobs for the unemployed to take up. This is the problem about the free market system.
Countries with caps on working hours (beyond which the employer has to pay premium overtime rate) allows the available work to be spread to more workers. They also have controls over their immigration. A good example is Australia.
How do small business survive in a competitive world, when they have to pay adequate wages to their workers? They pay less for their premises (and avoid the inflated property prices in countries like Singapore and Hong Kong). They also compete in areas where they have competitive advantage, such as the resource and agriculture sector in Australia. By giving adequate wages and employment to their workers, they have an economy that is more sustainable.
My friend, who developed property in Australia previously, told me the restrictions on property development in Australia. 50% of new developments can be sold to foreigners, but these foreigners have to sell their property only to Australians. This helps to control the inflation of property prices due to the influx of foreign funds.
Other countries, such as Singapore, compete by depressing wages. This is why the situation in Singapore is rather bad.
Countries with caps on working hours (beyond which the employer has to pay premium overtime rate) allows the available work to be spread to more workers. They also have controls over their immigration. A good example is Australia.
How do small business survive in a competitive world, when they have to pay adequate wages to their workers? They pay less for their premises (and avoid the inflated property prices in countries like Singapore and Hong Kong). They also compete in areas where they have competitive advantage, such as the resource and agriculture sector in Australia. By giving adequate wages and employment to their workers, they have an economy that is more sustainable.
My friend, who developed property in Australia previously, told me the restrictions on property development in Australia. 50% of new developments can be sold to foreigners, but these foreigners have to sell their property only to Australians. This helps to control the inflation of property prices due to the influx of foreign funds.
Other countries, such as Singapore, compete by depressing wages. This is why the situation in Singapore is rather bad.
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