Robots replace Humans

A common idea on how machines are replacing man...

Implications:
-labour cost drop in long run as fewer workers needed
-workers retrenched but demand for skilled workers to operate machines increases
-skilled worked paid higher wages, but fewer needed
-not all tasks can be automated or performed by machines, esp those in the service industry where the 'human touch' is required

Implication for Singapore:
- helps address manpower shortage
- in these days of tightening curbs on foreign workers, local companies are asked to increase productivity by restructuring and using technology to mitigate the labour crunch or manpower needs
- our low birth rate and increasingly greying population mean that machines are here to stay...think the Japanese's use of robots to take care of their aged