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Jobs & Economy

We want an economy that provides good jobs, opportunities and continued real wage growth. This is the way to ensuring that economic growth benefits all Singaporeans. How far we get there ties in closely with choices we make around our population and investment in developing our future workforce.

Get an overview

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The issue

With an ever-changing global environment, technological changes and a slowing local labour force growth, our economy will face new challenges and opportunities. We will have to get used to a tight labour market and find innovative ways of doing businesses so that companies can grow and succeed here.

At the heart of our economy is our local workforce which is complemented by foreigners where needed. However, this needs to be managed at a pace that can be comfortably supported by our infrastructure, and while still keeping our social fabric strong and cohesive.

What Being Done

What we need

  1. An open and vibrant economy, driven by productivity and with a lower reliance on manpower.
  2. A strong local workforce, with more Singaporeans remaining in the workforce and equipped with the skills to do well.
  3. Fair and progressive workplaces, where everyone is valued for their skills and hard work, regardless of background and age.

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What's being done

  • Tightened foreign manpower policies while providing support for businesses to shift towards skills- and capital-intensive ways to grow.
  • Ensure that Singaporeans are considered fairly for job opportunities, e.g. Fair Consideration Framework.
  • Support for Singaporeans who wish to remain in the workforce, such as expanding childcare facilities for working mothers and extending the re-employment age.
  • Foster a culture of lifelong learning and support Singaporeans in developing to their fullest potential, e.g. SkillsFuture initiative.
  • More support for low-wage and vulnerable workers, e.g. Workfare and the Progressive Wage Model.

Perspectives Get the population angle on jobs and economy in Singapore

Articles

What does economic restructuring mean for me?

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Over the past few years, Singapore has intensified efforts to restructure toward a manpower-lean economy and move up the value chain. What does this all mean for companies and workers?

Articles

Singapore needs foreigners – here’s why

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Standing at the crossroads of East and West, Singapore has been attracting immigrants from all over the world. Today, immigrants and foreigners make up a third of Singapore’s labour force, forming a critical part of the economy.

Around the web

Rise of the millennial mentor

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Mentors used to be people who had more experience; today millennials are turning mentors to the older generation, passing on technological knowledge to their predecessors.

Around The Web

aroundtheweb

Watch: A bedtime kerfuffle

Are Singapore’s workplaces biased? This award-winning video is a striking reminder that negative mindsets – towards those who are older, female, or with disabilities – have to be changed today, to avoid them being inherited by the next generation.

aroundtheweb
aroundtheweb
aroundtheweb
aroundtheweb
aroundtheweb

Rise of the millennial mentor

Mentors used to be people who had more experience; today millennials are turning mentors to the older generation, passing on technological knowledge to their predecessors.

aroundtheweb

Does Immigration boost the economy?

Even as right wing populism continues to rise against open borders in the US and parts of Western Europe, studies continue to show that immigration is a boost, not bane, to economies.

aroundtheweb
aroundtheweb