Singapore's response to the challenges of globalisation (Equip…
Singapore's response to the challenges of globalisation
Support for Singaporeans during Global Financial Crisis
smaller Singapore firms can keep their operations going as they can obtain financing with reduced interest rates and increased subsidies for insurance premiums
new businesses and smaller companies were granted further tax exemptions, paid little or no taxes
Lower income families were given assistance through rental rebates.
Workers who lost their jobs were given help finding new ones. They were also given opportunities to be retrained with new skills
Diversify its economy and to ensure the industries are relevant in the changing economy.
range of jobs
1960s: initiated country's industrialisation programme with factories producing goods such as garments, textiles and wood products.
1970s: jobs relating to electronics
1980s: jobs relating to research and development, computer software service, electronics and engineering
1990s: relating to chemicals, electronics and engineering. Also began to develop biomedical science industry which has jobs relating to pharmaceutical, biotechnology and medical technology sectors.
2000s: entrepreneurship, research and development. Increase of jobs related to interactive and digital media, and energy industry.
Equip Singaporeans with skills, to ensure their competitiveness.
enhanced course fee and absentee payroll funding
training allowance for working Singaporeans who sponsor their own training
Workfare - skill up
training roadmap with customised classes
Training Commitment Award
to encourage workers to go for continuous skills upgrading
For Workfare Income Supplement (WIS) recipients. WIS is a scheme to supplement the wages and retirement savings of older low-wage workers to encourage them to stay employed
Key thrusts of SkillsFuture
help individuals make well-informed choices in education, training and careers.
developed an integrated high-quality system of education and training that responds to constantly evolving needs
promote employer recognition and career development based on skills and mastery
foster a culture that supports and celebrates lifelong learning
Singapore signed the Free Trade Agreement with the US
This benefitted Singapore as trading between Singapore and other countries increased and also, a substantial amount of tariffs have been saved
With greater trade, relationships between countries can strengthen which can lead to more companies wanting to set up businesses in Singapore
Singapore's economy can grow better
Companies experience more revenue as they expanded their business overseas
It provides more job opportunities for citizens
Nuture SMEs to ensure that they are relevant and competitive
facilitates partnerships between SMEs and larger corporations
due to these challenges
shortage of expertise
shortage of labour
competition from bigger companies
provide financial assistance like loans, tax incentives and grants at different stages of growth due to SMEs' insufficient profits
because of small domestic market
Encourage local companies to go overseas
Ways which local companies venture overseas for market share
Setting up their operations in different locations
going global, expanding their company overseas
be open to change, be nimble and embrace innovation
Find different locations to source for raw materials, manufacture and sell your products so less costs will be used
widen market reach, expand production and sales of goods