Transforming labour for the future economy

ONE of Singapore's strengths has always been the quality of its manpower. At the same time, it is among one of the fastest ageing societies in the world. Research by the Institute of Policy Studies predicts that by 2060, the ageing population will create a drag of 1.5 per cent on Singapore's GDP per capita per annum. The tight demographic situation leaves Singapore no choice but to use newly developed technology to achieve a manpower-lean economy, where it can still enjoy economic growth even with fewer workers.

EASING THE TRANSFORMATION

Singapore has invested S$4.5 billion into Industry Transformation Maps (ITMs) that will upgrade both companies and workers over the coming years, while implementing policies such as foreign worker quotas and levies to discourage companies from relying on a quick fix of cheap foreign labour.