Bite-Size Solutioning Workshop on : Implementing Flexible Wage System (FWS) in 2021
60 Paya Lebar Road
#13-45 Paya Lebar Square - Lobby 2
2020 has been the most unprecedented and challenging year, as governments, businesses and employees around the world struggle with the impact of the COVID-19 pandemic.
The Singapore National Wages Council (NWC) convened in March 2020 to formulate wage guidelines for 1 April 2020 to 30 June 2021. But on 16 October 2020, the NWC came out with Supplementary Guidelines that will apply from 1 November 2020 to 30 June 2021.
The updated NWC Guidelines aimed to sustain businesses and save jobs as the Singapore economy has entered a recession, with more slack in the labour market and mounting pressure on employers to retrench.
The NWC recommended employers that have the Flexible Wage System (FWS) to utilise the range of flexibility provided for in the variable components of the wage structure. Employers that do not have the FWS could cut wages to the extent needed to minimise retrenchments and keep the business going. And then implement the FWS immediately.
The workshop is to enable employers to implement the FWS in a practical and sustainable manner. And to be future-ready when the economic and business conditions improve.
Managers / Executives / SME Business Owners in charge of strategic Human Resource Management (HRM)
Mix of lectures, discussions and practical examples.
Mr Chris Lee is SNEF’s Deputy Director, Industrial & Workplace Relations Division
Flexible Wage System (FWS)
- What is FWS about
- Why implement FWS
- What are the components of FWS
Monthly Variable Component (MVC)
- What is MVC about
- Why implement MVC
- How much MVC to “build”
- How to “cut” MVC
- How to “rebuild” MVC
Annual Variable Component (AVC)
- What is AVC about
- Why implement AVC
- How much AVC to “build”
- How to “cut” AVC
- How to “rebuild” AVC
Review your current wage system
- Key points and principles of FWS
- Other relevant recommendations