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