SINGAPORE ECONOMY
Political
Economical
Social
Technology
Trade Unions
vibrant free-market economy
country's per-capita income is the highest in ASEAN
a corruption-free environment supports the business sector
constrains on economic performance
Has a well-developed IT infrastructure
Allowed real productivity growth and higher wages, especially in the services sector
Has quick technological advancements
Singapore was ranked first in digital infrastructure in the Economist Intelligence Unit’s latest Asian Digital Transformation Index
Support by government
The government is particularly keen to create an artificial intelligence (AI) hub in the country by developing a dedicated data science consortium and will invest S$150 million (US$110 million) in industry research.
Minister for Communications and Information, S Iswaran, announced that the Government has set aside S$40 million (US$29.3 million) to support 5G research and innovation and develop the country as a 5G innovation hub.
to promote good industrial relations between workers and employers
Collective Bargaining
initiated by either the employer or the trade union
agreement between an employer and the trade union
on the employees’ terms and conditions of employment
TAFEP
to promote the adoption of fair, responsible and progressive employment practices
tripartite partners
Ministry of Manpower
National Trades Union Congress
Singapore National Employers Federation
provide tools, resource materials and assistance to implement fair and progressive practices
to improve the working conditions, as well as the economic and social status of workers
to increase productivity for the benefit of workmen, employers and the economy of Singapore
some topics they negotiate about
training-related allowances or grants
extension of medical benefits
payment of pro-rated variable bonus
retrenchment payout
labour shortages
rising labour costs
decline in productivity
Takes the form of a parliamentary representative democratic republic
multi-ethnic country of 5.7 million people
life expectancy of 79 to 84 years
aging population
severe space constraints
rising costs of living
high divorce rates
occasional tensions between ethnic groups
income inequality
There are three separate branches of government:
Legislature
Executive
Judiciary