Labor Market in Singapore
Introduction
Since Singapore gained its independence in 1965, its economy had progressed due to globalization, rapid technological advances and the rise of China and India. With these different stages of development, Singapore’s labor market had adapted itself by transforming from a labor abundant and capital limited city into a labor deficient and capital rich country (Chia 2005). Singapore is now a popular export-manufacturing base, regional headquarter for foreign multinational company and a financial centre (Chia 2005). The industrial structure has also progressed from a labor intensive export manufacturing to a capital and technology intensive manufacturing, which hence provided capabilities to compete globally not only for its cost and efficiency but also for its innovation and creativeness (Chia 2005). Other crisis which also left a mark in Singapore’s employment structure were namely, the 1997/8 Asian economic crisis, the 2001 global downturn, the grow of terrorism and the 2003 SARS outbreak (Employment trend and structure, 2004).
This report will therefore bring you through the changes that had taken place in Singapore’s labor market from the past to present. I will touch on a few crucial aspects leading to these changes, namely, globalization, technology advancement, aging population, gender differences and education. Last but not least, I will also comment on the strategies some employers had adopt on ensuring their continuing success.
Overview of Singapore Labour market in the PAST Verse PRESENT
During the boom years, 1993 – 1997, with the growth of economy, the labor market was tight with unemployment hovering at only 2% and over the 5 years, local employment rose by 183 400 people (Employment trend and structure, 2004).
During the volatile years from 1998-2003, several shocks like, SARS, terrorisms and currency crisis had hit Singapore. Asian financial crisis had also caused an employment contraction of 27 700jobs in 1998. Economic got
Since Singapore gained its independence in 1965, its economy had progressed due to globalization, rapid technological advances and the rise of China and India. With these different stages of development, Singapore’s labor market had adapted itself by transforming from a labor abundant and capital limited city into a labor deficient and capital rich country (Chia 2005). Singapore is now a popular export-manufacturing base, regional headquarter for foreign multinational company and a financial centre (Chia 2005). The industrial structure has also progressed from a labor intensive export manufacturing to a capital and technology intensive manufacturing, which hence provided capabilities to compete globally not only for its cost and efficiency but also for its innovation and creativeness (Chia 2005). Other crisis which also left a mark in Singapore’s employment structure were namely, the 1997/8 Asian economic crisis, the 2001 global downturn, the grow of terrorism and the 2003 SARS outbreak (Employment trend and structure, 2004).
This report will therefore bring you through the changes that had taken place in Singapore’s labor market from the past to present. I will touch on a few crucial aspects leading to these changes, namely, globalization, technology advancement, aging population, gender differences and education. Last but not least, I will also comment on the strategies some employers had adopt on ensuring their continuing success.
Overview of Singapore Labour market in the PAST Verse PRESENT
During the boom years, 1993 – 1997, with the growth of economy, the labor market was tight with unemployment hovering at only 2% and over the 5 years, local employment rose by 183 400 people (Employment trend and structure, 2004).
During the volatile years from 1998-2003, several shocks like, SARS, terrorisms and currency crisis had hit Singapore. Asian financial crisis had also caused an employment contraction of 27 700jobs in 1998. Economic got
References: 1. Chia, SY, 2005, The Singapore Model of Industrial Policy: Past Evolution and Current Thinking, Singapore Institute of International Affairs. 11. Yeo, KY, Toh, MH, Thangavelu SM, Wong, J, 2007, Premium on Fields of Study: The Returns to Higher Education in Singapore, Paper. 1/2007.