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     Government: Singapore Economy

Banking & Finance

Latest on top:

- Retrenchment and Re-employment in 2006

- Consumer Price Index for general households in year 2006

- Performance of Singapore economy in 2006

- Key Household Income Trends 2006

- Report on labour force in Singapore in 2006

- Marina Bay Financial Centre (MBFC) unveiled

- Government launches 10-year infocomm masterplan

- Retrenchment & re-employment 2005

- Advance GDP Estimates for First Quarter 2006

- Singapore Labour Market 2005

- Budget 2006 Speech

- Performance of Singapore economy in 2005

- Employment Situation in 4th Quarter 2005

- Singapore Labour Market 3rd Quarter 2005

- Significant trends in the Singapore labour market

- Performance of Singapore economy in 3rd quarter 2005

- Employment Situation in 3rd Quarter 2005

- Recent trends in employment creation

- Key indicators on Singapore's Corporate Sector 1999-2003

- Singapore Labour Market - 2nd Quarter 2005

- Workfare to help low wage workers in six key areas

- Performance of Singapore Economy in 2nd Quarter 2005

- Employment Situation in 2nd Quarter 2005

- Findings of First National Financial Literacy Survey - 2005

- Strong performance in financial services sector in 2004

- Singapore Labour Market Report - 1st Quarter 2005

- Performance of Singapore Economy in 1st Quarter 2005

- Employment Situation in 1st Quarter 2005

- Singapore to have two IRs with a casino each

- Retrenchment & Re-employment in 2004

- Singapore Labour Market 2004 Report

- Singapore Budget 2005

- Consumer Price Index 2004

- Conditions of Employment 2004

- Singapore tourism targeted to net S$30 billion by 2015

- MAS releases first issue of Financial Stability Review

- Key indicators on Singapore's Corporate Sector: 2001 - 2002

- Singapore Labour Market Report - 3rd Quarter 2004

- Performance of the Singapore economy in 3rd Quarter 2004

- Singapore Employment Situation - 3rd Quarter 2004

- Advance GDP estimates for 3rd quarter 2004

- Survey of Singapore Treasury Activities 2003

- Singapore Labour Market Report - 2nd Quarter 2004

- Copyright-based industries boost Singapore's economy

- Advance GDP Estimates for 2nd Quarter 2004

- Labour Market 2003 Report

- Singapore's external trade with Indonesia in 2003

- Consumer Price Index for September 2003

- New EntrePass scheme to attract foreign entrepreneurs

Labour Market - 2nd Quarter 2003 Report

- Singapore Workforce Development Agency formed

- Help measures for Singaporeans - DPM Lee Hsien Loong

- Retuning the CPF - PM Goh Chok Tong's ministerial statement

- Performance of Singapore economy in 1st quarter 2003

- Labour Market 2002 Report 

- Consumer Price Index for 2002

- Labour Market 3rd Qtr 2002 Report

- Prelim. employment, unemployment & retrenchment est. for 3rd qtr 2002

- Performance of Singapore economy in 2nd quarter 2002

- Prelim employment, unemployment & retrenchment est. for 2nd qtr 2002

- Complete list of licensed banks - 2002

- Advance GDP estimates for first quarter 2002

- Performance of the Singapore economy in 2001 

- Advance GDP estimates for 4th quarter 2001

- Labour Market: 3rd Quarter 2001 Report released

- Government announces S$11.3 billion Off-Budget measures to help Singaporeans

- Government lowers 2001 growth forecast to around -3%

- Economic Development Board celebrates 40th anniversary

- Performance of the Singapore economy - 2nd quarter 2001  

     2007

 

Retrenchment and Re-employment in 2006

"Specifically, the re-employment rate of residents retrenched from PMET jobs rose from an average of 65% in 2005 to a post-Asian crisis high of 73% in 2006.

"This exceeds the rate for the other two occupational groups, unlike in past years when clerical, sales & service workers were the most re-employable...

"In 2006, private sector establishments each with at least 25 employees retrenched 12,359 workers..."

More.....

 

Impact of the two Integrated Resorts in 2010

"Together with the two IRs, these will help us achieve our target to attract 17 million visitors and generate S$30 billion in tourism receipts by the year 2015...

"In terms of manpower, the two IRs combined are expected to create some 50,000 to 60,000 additional jobs throughout the economy when both are fully operational..."

More.....

 

Singapore Labour Market 2006

"Total employment creation for the whole of 2006 rose to an all-time high of 176,000, surpassing the previous year’s gains of 113,300. This brought the total number employed to 2,495,900 persons as at December 06...
"On average, 67,500 residents were unemployed in 2006, down from 74,900 in 2005 and the high of 91,200 in 2003..."

More.....

 

 

A Statistical Profile of Older Workers

"Older persons aged 50 & over made up close to one-quarter (24%) of the resident workforce in 2006.
"Reflecting their relatively less educated profile, the majority (68%) of older workers were employed in lower-skilled jobs such as cleaners, labourers & related workers (18%), plant & machine operators & assemblers (16%) and service & sales workers (15%).
"These occupations also registered an above-average incidence of older workers especially for cleaners, labourers & related workers where more than half (53%) were aged 50 & over...."

More.....

 

 

Budget Statement 2007

"I will give lower-income Singaporeans larger GST Credits.
"Those who live in one- to three-room flats[4] and have annual assessable incomes of $24,000 or less will qualify for the largest quantum of $1,000, to be paid out in instalments of $250 per year over four years...
"Next, if you live in a larger home with an AV of more than $10,000, but you earn less than $100,000 a year, you will get $400 in GST Credits.
"The top income group comprising those earning over $100,000 a year will get $100. It is a small gesture, but recognises that the GST increase affects everyone.
"NSmen and NSFs, including those aged below 21, will also get an additional $100 of GST Credits, to recognise their contributions to national security...

"The first instalment will be paid out on 1 July this year, at the same time as the GST increase..."

More.....

 

Key Household Income Trends 2006

"Among employed households (i.e. households with at least one working person), average monthly household income from work1 grew by 4.3 per cent in 2006 to reach $6,260.
"After adjusting for inflation, employed households enjoyed real income growth of 3.2 per cent in 2006..."

More.....

 

Report on labour force in Singapore in 2006

"76% of the resident population aged 25 to 64 were employed, the highest since the data was first compiled in 1991, up from 73% in 1996...
"12% or 172,000 of resident employees were engaged on term contracts in June 2006 while the remaining 88% were permanent employees3. On average, employees on term contract drew lower pay than those on permanent appointments...
"The share of degree holders almost doubled to 23% from 12% a decade ago..."

More.....

 

Employment situation in 4th quarter 2006

"Preliminary estimates show that total employment grew by 48,800 in the fourth quarter of 2006, considerably higher than the gains of 35,300 in the same period a year ago, and up from 43,000 in the third quarter of 2006...
"Total retrenchment for the whole of 2006 was 12,200. Although this is higher than 10,294 in 2005, it is only about half the number retrenched in 2001 (25,838). Manufacturing formed the bulk of retrenchments (8,800), followed by services (3,000) and construction (400) in 2006..."

More.....

 

Advance GDP estimates for 4th quarter 2006

3Q06

4Q06*

2006

Overall GDP

7.0

5.9

7.7

Goods Producing Industries

Manufacturing

9.5

7.3

11.4

Construction

2.6

2.4

1.1

Services Producing Industries

6.6

6.0

6.9

* Advance Estimates

More.....

 

Singapore economy expected to grow by 4-6% in 2007

"In the last five years, our real per-capita GDP grew on average by 4.3% per annum, but real average wages (after adjusting for inflation) grew at only half this rate – 2.1%.

"Higher-end wages have risen by more than this. But at the lower-end wages have increased by much less, and some have even stagnated.
"This is why we are implementing Workfare as a fourth pillar of our social safety net, together with the CPF, the 3Ms (Medisave, MediShield and Medifund) and HDB home ownership..."

More.....

     - Changes to CPF Minimum Sum and Investment schemes from 1 Jan 2007

     2006

 

Conditions of Employment 2006

"The 5-day workweek is the norm, with higher share of employees now on this arrangement than two years ago. Close to two in five (40%) full-time employees in the private sector worked 5 days a week in 2006, up from 34% two years ago.
"Lagging significantly behind, were the 5½-day (15%), 6-day workweek (16%), and shift work (17%) each accounting for less than one in five employees in 2006..."

More.....

 

Labour Market 3rd Quarter 2006 Report

"Cumulatively in the first nine months this year, the economy added 124,500 workers, surpassing the gains of 113,300 for the whole of 2005. This employment creation is the highest ever recorded1..."

More.....

 

Survey shows Singaporeans upbeat about the near future

“Back home, Singaporeans registered an increased level of optimism in this latest survey compared to the previous period and a year ago. The Singapore Consumer Confidence Index climbed 7 points to reach a high of 110—surpassing the regional average of 94,” observed Mr Ashok Charan, Managing Director of ACNielsen Research Singapore.

More.....

     - Employment situation in 3rd Quarter 2006

     - New 20-year SGS bond to further develop Singapore's debt market

     - Marina Bay Financial Centre (MBFC) unveiled

     - Incentives to encourage development of infrastructure finance

     - Singapore Labour Market Report for 2nd Quarter 2006

     - Bus and train fares to increase by between 1 and 3 cents

 

 

Key challenges facing public housing in Singapore

"Between now and 2030, the number of elderly aged 65 years or older will increase dramatically, from 300,000 to 900,000. 1 in 5 Singaporeans will be aged 65 and above by 2030.
"We will need to provide a wide range of housing options to meet the different financial needs and lifestyle preferences of the elderly, from smaller HDB flats like studio apartments, to private retirement housing with dedicated care facilities..."

More.....

 

New personalised employment pass not tied to any employer

The Ministry of Manpower will introduce a Personalised Employment Pass (PEP) from 1 January 2007 to help us better attract and retain global talent...

The PEP allows the holder to remain in Singapore for up to six months in between jobs to evaluate new employment opportunities. This helps us to retain selected global talent who would otherwise have to leave Singapore...

The PEP will be issued only once with a validity of 5 years. It will be nonrenewable. A PEP holder will retain the dependant privileges of his original EP type and the minimum annual basic salary requirement of S$30,000 will continue to apply throughout the 5-year duration...

More.....

     - Traffic at Singapore Changi Airport in 1st half 2006

 

 

Singapore's GDP growth for 2006 likely to be 5% to 7%

Mr Heng Swee Keat, Managing Director, Monetary Authority of Singapore

"The Singapore economy grew by a robust 6.4% last year...

"Barring any unexpected shocks in the external environment including an escalation in geopolitical risks in the second half of this year, GDP growth for the year as a whole is likely to be in the range of 5 to 7%..."

More.....

 

Singapore salaries increasing, candidates receiving multiple job offers

"Continued hiring increases means good news for Singapore's workforce, while increased optimism continues to fuel increasing economic growth...

"This optimism is reflected in planned salary increases and 7% of employers expecting to pay 15% or more, the highest figure for any market surveyed in Asia..."

More.....

     - Foreign Worker Levy and S Pass quota to go up

 

     - PMI for electronics shows contraction for June 2006

     - Singapore and MIT to start SMART research center here in 2007

 

Singapore sees growth in debt capital market

Mr Ong Chong Tee, Deputy Managing Director, Monetary Authority of Singapore

"...First, real estate investment trusts or REITs. These have seen explosive growth, particularly in Singapore and Hong Kong over the last 3 years...

"In Singapore, the market capitalization weighted-average returns since IPO have been exceptional at over 30%. The market has also moved beyond traditional REITs to other products like shipping trusts and hotels...
"Singapore is also a fertile ground for CMBS development due to its stable economic environment (sovereign credit rating AAA/Stable/A-1+) and robust legal and land title system which have enabled structured finance issuers to raise highly rated debt...."

More.....

 

     - Report on Wages in Singapore 2005

 

Singapore as A Leading Wealth Management Hub

Mr Ong Chong Tee, Deputy Managing Director, MAS

"Rising wealth in Asia, and the focus on Asian growth prospects have seen total assets under management in Singapore's fund management industry grow from about S$280 billion in 2000 to much more than S$600 billion now.

"Growth in private banking assets under management has also been strong, with anecdotal feedback suggesting Singapore private banking AUM averaging 20% per annum over the past few years to about US$200 billion currently...

"Our reputation for high standards of regulation and supervision and a robust legal and judicial framework, is trusted by financial intermediaries and clients alike to conduct wealth management activities..."

More.....

 

Government launches 10-year infocomm masterplan

THE GOALS – BY 2015, SINGAPORE WILL…

Create 80,000 additional jobs

Have 90 per cent homes using broadband

Achieve 100 per cent computer ownership for all homes with school-going children

More.....

 

Employment grew strongly by 45,000 in first quarter 2006

All the major sectors registered increases in employment. The bulk of the employment gains continued to come from the services sector (28,000)...

There was also a notable improvement in the long-term unemployment from a year ago. Some 10,100 residents or 18% of the unemployed residents have been looking for work for at least 25 weeks in Mar 06, about half the 20,200 or 30% a year ago...

More.....

 

     -  Tripartite Alliance for Fair Employment Practices formed

     - Government accepts NWC's wage recommendations for 2006/2007

 

     - MAS launches SGS electronic bond trading platform

     - Singapore delivers games to Asia's $14billion video game market

     - 300,000 Singaporeans awarded $137M of Workfare Bonus

 

Retrenchment & re-employment 2005

Amid favourable economic conditions, the incidence of retrenchment dropped to a twelve-year low in 2005...

The incidence of retrenchment for professionals, managers, executives & technicians (PMETs) dropped to an eight-year low of 8.0 per 1,000 and a thirteen-year low of 4.8 per 1,000 for clerical, sales & service workers...

In 2005, on average 61% of local2 retrenched workers found re-employment within 6 months of their retrenchment, slightly higher than 59% in 2004. The improvement was more pronounced for the better educated workers...

More.....

     - Gradual and modest appreciation of Singapore dollar expected

     - Advance GDP Estimates for First Quarter 2006

 

     - Singapore takes second place in WEF's Global IT Report

     - Singapore Labour Market 2005

     - Budget 2006 Speech

     - Performance of Singapore economy in 2005

     - Singapore Employment Situation in 4th Quarter 2005

 

Proposed Workfare Bonus Scheme to help low-wage workers

"The scheme primarily targets those within the lowest 20% of income earners who earn $1,200 per month or less.

"The Committee recommends that those in the lowest 10% should be given more help. If surpluses allow, we recommend for this group earning $900 or less a month, a Workfare bonus capped at the equivalent of one month’s salary.

"Correspondingly, those earning more than $900 to $1200 (lowest 20% of income earners) per month could receive a bonus capped at half a month’s salary..."

More.....

      2005

     - Singapore Labour Market 3rd Quarter 2005

     - MAS releases Financial Stability Review for 2nd half 2005

 

Significant trends in the Singapore labour market

"Today, services make up seven out of every ten jobs, compared to six out of ten jobs in 1990. In particular, employment within the financial and business services sector has more than doubled since 1990...

"But there is also a third, important trend, and that is that people will have to change jobs more often in their lifetimes..."

More.....

     - Performance of Singapore economy in 3rd quarter 2005

 

Recovery of the Property Market

"The property market recovery is not confined to the private housing sector. All the other sectors of the property market are recovering in tandem with the strong growth of our economy...

"In 2006, Singapore’s GDP is projected to grow by another 3% to 5%. Robust growth in the manufacturing, tourism and financial sectors, and the diversification of our economy into new areas like the life sciences, education and health, are helping to drive growth in our economy..."

More.....

     - Employment Situation in 3rd Quarter 2005

     - Recent trends in employment creation

     - Singapore household debt and credit card bankruptcies

     - Key indicators on Singapore's Corporate Sector 1999-2003

     - Treasury survey shows foreign exchange trading reaching 7 year high

 

CPF - Future Directions

"By 2030, one in five Singaporeans will be at least 60 years old. With families getting smaller, we will have fewer children around to support us in our old age.

"Part of the answer is to get workers to work longer and retire later. But another part is to ensure that Singaporeans have enough savings to continue enjoying financial security and good medical care throughout our lives.....

More.....

     - Singapore Labour Market - 2nd Quarter 2005

     - Singapore voted world's Best Business City

     - Workfare to help low wage workers in six key areas

     - Financial Industry Disputes Resolution Centre launched

     - Key Survey Findings on Services Sector 2003

     - Private sector to build and sell HDB flats

     - Performance of Singapore Economy in 2nd Quarter 2005

     - Employment Situation in 2nd Quarter 2005

 

Findings of First National Financial Literacy Survey

"The majority of Singaporeans save, monitor their spending and are generally responsible in the use of credit...

"While these findings are positive, the survey showed that many do not have a clear idea of how much they would need for their retirement.

"Many have also not set aside sufficient cash savings to meet emergency needs. In addition, the majority are not aware of the key features of common financial products such as life insurance policies and unit trusts...

More.....

      - Strong performance in financial services sector in 2004

     - 2nd Quarter 2005 Real Estate Statistics

     - ComCare Fund for needy Singaporeans launched

 

     - Singapore Labour Market - 1st Quarter 2005

     - Key Survey Findings on Health Services 2003

     - Performance of Singapore Economy in 1st Quarter 2005

     - Employment Situation in 1st Quarter 2005

     - Singapore to have two IRs with a casino each

     - Retrenchment & Re-employment in 2004

     - Singapore Labour Market 2004 Report

     - Singapore Budget 2005

     - Employment Situation in 4th Quarter 2004

     - Consumer Price Index 2004

     - Singapore Tourism Board aims for 8.9 million visitors in 2005

     - Conditions of Employment 2004

     - Singapore tourism targeted to net S$30 billion by 2015

 

 

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