The human resources sector in Singapore reaches almost 2 million people and is recognized as one of the most efficient in the world. It's easy to see high standards for workers' productivity, attitude, and technical skills. The workforce is small and has low unemployment. Therefore, Singapore needs to manage productivity growth with local workers or bring in foreigners. Currently, there are a significant number of international workers in Singapore.
International Workers
Singapore currently has a workforce of 1.87 million, which restricts labor supply in different sectors. Domestic workers can't meet the requirements in technical and professional fields. The government has launched a program to introduce a selective workforce from abroad, especially from Southeast Asian countries. In this case, the government charges companies a fee for using foreigners and producing goods there. The fee varies according to industry and skills.
Local workers
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Singapore depends on the domestic labor force for its current economic development. To improve efficiency, there are three basic strategies:
⃰ Educate workers to their maximum potential.
⃰ Develop skills in industries and businesses.
⃰ Promote training and retraining.
Education and Training
Singapore authorities know that education investment is essential to become a developed country. It upgrades labor skills and produces a better workforce through training and development. The government spends around 20 percent of its annual expenditure on education. Primary education is free in Singapore, and more than 90% of children and teenagers are enrolled in school. Most locals speak English, which is relevant for business. You can also find more than 25 international schools in Singapore, from pre-schools to college. Locals and foreigners can opt for this alternative.
On the other hand, the government has a Ministry of Manpower that works on plans to train workers. The goal is to constantly upgrade skill sets to meet the future challenges of the business world. There is a government-sponsored training program to leverage expertise and know-how. It provides the base for companies to retain workers. They can also opt for the Skills Development Fund, which comes from 1 percent of an employee's salary earning less than USD 700 per month. Firms can qualify for the fund and finance training programs.
Wages
Salaries in Singapore are at the same level as in other industrialized countries, like Japan and the United States. Salaries for managers, executives, and professionals will depend on their ability, experience, and business. Some sectors have annual bonuses and other benefits. Most of these bonuses equal one month's wages at all levels. The government oversees wage policy and labor conditions through the National Wage Council (NWC).
Singapore eVisa
If you're into human resources and want to know more about that market in Singapore, what better way than traveling there to see it with your eyes? If you're ready to travel to Singapore, it's time to get the [Singapore eVisa]. The mandatory travel document allows you to enter Singapore smoothly for tourism reasons. iVisa can help you with the digital process to get it as soon as possible. Fill out a simple online form with your details and receive an email with the electronic visa. Show it to immigration authorities and have a wonderful time in Singapore.