Labor Market in Singapore

Introduction Since Singapore gained its independence in 1965, its economy had progressed due to globalization, rapid technological advances and the rise of China and India. With these different stages of development, Singapores job describeet had adapted itself by transforming from a assiduity abundant and groovy limited city into a labor deficient and capital rich country (Chia 2005). Singapore is right off a popular export-manufacturing base, regional headquarter for foreign multinational confederacy and a financial centre (Chia 2005). The industrial structure has besides progressed from a labor intensive export manufacturing to a capital and technology intensive manufacturing, which hence provided capabilities to compete globally non only for its cost and efficiency but also for its creative activity and creativeness (Chia 2005). Other crisis which also left a mark in Singapores employment structure were namely, the 1997/8 Asian economic crisis, the 2001 global downturn, the grow of terrorism and the 2003 severe acute respiratory syndrome outbreak (Employment trend and structure, 2004). This report will therefore process you through the changes that had taken place in Singapores labor commercialise from the past to present.

I will smudge on a few crucial aspects leading to these changes, namely, globalization, technology advancement, aging population, gender differences and education. Last but not least, I will also comment on the strategies some employers had subscribe to on ensuring their continuing success. Overview of Singapore Labour market in the PAST Verse PRESENT During the boom years, 1993 1997, with the growth of economy, the labor market was tight with unemployment hovering at only 2% and over the 5 years, local employment rose by 183 400 tidy sum (Employment trend and structure, 2004). During the volatile years from 1998-2003, several shocks like, SARS, terrorisms and currency crisis had charge Singapore. Asian financial crisis had also caused an employment contraction of 27 700jobs in 1998.... If you want to get a full essay, beau monde it on our website: Orderessay

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