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Posts Tagged ‘economy’

2010 Outlook for Singapore good

Posted by jtsmyth8 on January 1, 2010

Good news everyone! Singapore has weathered the economic storm and already on the road to recovery. Economists estimate that the economy will grow by 3-4% in the coming year. Overall 2009 we saw our conditions shrink the economy by 2% but we will make that all back up next year. Also fueling our economy will be our neighboring countries who are also expecting rosy projections. Get ready for rapid growth and good times again.

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Employment numbers good for 2007

Posted by jtsmyth8 on December 14, 2007

Singapore’s buoyant economy continues to be on a roll, with 58,600 more jobs created in the third quarter and the unemployment rate falling to the pre-Asian crisis level. Wages continued to rise between July and September and at a more moderate pace, said the Ministry of Manpower in a statement on Friday.

Employment in the third quarter expanded by 58,600, up substantially from the increase of 43,000 in the same quarter last year, making it the second highest quarterly increase after the 64,400 recorded in Q2.

This brings the total number of jobs created in the first three quarters of 2007 to 172,400 jobs, comparable to the gains of 176,000 for the whole of 2006.

Amid rapid economic growth and easing in the increase in resident labour supply, the seasonally adjusted overall unemployment rate declined to 1.7 per cent in September – fom 2.3 per cent in June.

The resident unemployment rate also fell significantly to 2.3 per cent from 3.1 per cent over the same period. (story)

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Most Singaporeans can expect a 2 – 3.5 month bonus

Posted by jtsmyth8 on December 7, 2007

A survey of 300 companies by the Singapore National Employers’ Federation (SNEF) last month showed that half of them could be paying out bonuses of two to three-and-a-half months, with a median payout of 2.8 months.

The SNEF also expects the job market to continue to be very strong in 2008.

Speaking to Channel NewsAsia, SNEF’s President Stephen Lee said the economy created 170,000 jobs in the first nine months of this year, or as many jobs as the whole of last year.

He added: “There is currently one job for every job seeker. This is compared to four years ago when there were four job seekers chasing after every vacancy. There is a big turnaround now.”

However, low productivity remains a concern, with productivity growth staying flat this year. (story)

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Singapore Government to give employees bonus

Posted by jtsmyth8 on November 27, 2007

The Government will give its 60,000 civil servants a year-end bonus of two months. Add on the half-month bonus they received in July and the total bonus civil servants will get this year amounts to 2.5 months.

Tuesday’s bonus announcement is likely to be a guide for the private sector, as was typically the case in the past.

Although the payout is a dip from the 2.7 per cent given last year, most civil servants will still go home with more – thanks to the new ‘growth bonus’. Introduced this year, it will be given in times of exceptional economic performance.

This year, the Government is forecasting the economy to grow by 7.5 to 8 per cent. For ‘good performers’, this new payout will bring another 0.5 month’s bonus, and for ‘better performers’, up to 0.8 months, said the Public Service Division in a statement on Tuesday. (link)

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Singapore rises to 7th in global competitiveness

Posted by jtsmyth8 on October 31, 2007

Singapore climbed from eighth to seventh place in the World Economic Forum’s latest ‘global competitiveness index’ and leads the among Asian economies. The annual survey, released on Wednesday, found the United States had retained its status as top dog while Japan suffered a significant drop, falling from fifth to eighth.

The United Kingdom fell from second to ninth.

The rankings are based on a range of factors including quality of institutions, infrastructure, health, education and training, market efficiency, technological readiness and innovation in a country.

Over 11,000 business leaders were polled in a record 131 countries with their main strengths and weaknesses listed.

Singapore ranked top in indicators such as public trust of politicians, transparency of government policy making, quality of infrastructure and its educational system. (story)

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