There are over 29,000 retail businesses in Singapore, spanning convenience stores, department stores, supermarkets, and fashion, sports, consumer electronics, furniture, and homeware stores, among others. Some of the retail trade workers also work in companies in the wholesale sector.
Highlighting a labor shortage in the retail sector, Honorary Secretary of the Retailers Association of Singapore, Helen Khoo, said she hopes salary increases and structured career paths will help retailers retain workers and attract more people to the industry.
Mr. Chou Cheng Ngok, co-chairman of the TCR and representative of the National Federation of Singapore Employers, said that the TCR’s PWM recommendations take into account feedback from the retail sector, such as seasonal fluctuations in sales and incentives. to performance.
This would help employers implement the new requirements, said Chou, who is also group chief executive and executive director of Popular Holdings.
“With Singapore’s economy emerging from the COVID-19 pandemic, I urge retail employers to leverage technology to transform their business, redesign their jobs and upskill their employees to stay relevant and be more productive,” he added.
The Ministry of Manpower (MOM) will enforce the implementation of retail PWM requirements through employer eligibility for work passes.
Employers will need to comply with the stipulated retail PWM requirements and any other applicable PWM and local qualifying wage requirements, in order to apply for or renew work passes, including work permits , S passes and employment passes.
From this year to 2026, the government will co-fund PWM wage increases under the Progressive Wage Credit Program, as announced in Budget 2022.
Given recent significant inflationary pressures, the government said in June that its share of co-funding in 2022 would increase from 50% to 75% for resident employees whose gross monthly salary does not exceed S$2,500.
It will increase from 30 percent to 45 percent for employees whose gross monthly salary is above S$2,500 and up to S$3,000.