It depends on who is looking at the picture - the employer, employee or the governised union or tripartised union. This seems like another NKF syndrome where truths will eventually have to cop out in open trial.
f workers' wages or CPFs have to be cut first in a recessions and last restored (if at all) after the world economy recovers after that of ministers (already over-paid by leaps and bounds) got restored first, then we do not know whether tripartism has succeeded. Judge for yourself whether our ranking has gone back to 8th or their HDB prices have climbed back for the workers.