Sectoral approach in policymaking can help boost growth, productivity

I refer to the report “MOM could adopt sectoral approach in policy-planning: Teo Ser Luck” (Oct 5, Channel NewsAsia), on the Manpower Ministry possibly changing the system to reflect the needs of various industries.

That could allow for growth and increased productivity in an increasingly hostile economic climate, as policies would be strategic and remedial measures would be targeted. Blanket quotas on foreign labour are less effective; often, the wrong industries are penalised.

Costs are rising. That makes industries less competitive. Left unchecked, how likely is it to abate if the bulk of costs remains with manpower, which in turn is exacerbated by slowing productivity?

Trade-offs are inevitable and often necessary. There are always competing factors, pushing against each other. Regardless, in any society, no matter how objective a view is, there is always the element of subjectivity that taints our wisest thoughts.

In the end, what is in the public interest and good for the majority must surely prevail.