Adopting a minimum wage law, Singapore government prefers two different measures to help the workers, Singapore

Assignment Details:

(1) Instead of adopting a minimum wage law, Singapore government prefers two different measures to help the workers. One measure is the Wage Credit Scheme which co-pays the wage cost with employers. The other measure is the Progressive Wage Model which provides subsidies to train workers in relevant skills and courses. Evaluate the effects of these two (2) measures on the equilibrium wage, employment and social welfare in the Singapore labour market. Support your answers using suitable labour market diagram(s). (15 marks)

(2) Compare and contrast the effects of minimum wage law, the Wage Credit Scheme and the Progressive Wage Model. Explain their advantages and disadvantages in terms of wages, employment and social welfare. In your opinion, which scheme is the best policy to raise the welfare of the workers? Justify your answers. (10 marks)