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New foreign workforce measures to meet strong market demand

With effect from 1 January 2008, the S Pass quota for all sectors will be increased from 15% to 25%. The new S Pass quota will come entirely from companies' Work Permit quota which will be increased for all sectors. Companies can therefore employ more S Pass holders, in lieu of Work Permit holders, hence improving the quality of their foreign workforce...
To strengthen our global talent attraction and retention efforts, refinements will be made to the PEP scheme. Foreign professionals whose last drawn fixed monthly salary overseas was at least S$7,000 will be eligible for a PEP. The PEP will also be granted to former P1 Employment Pass holders upon application.
These changes will take effect from 1 March 2008. Existing and new P1 pass holders working in Singapore that apply for the PEP ahead of the 2-year requirement will be accorded in-principle approval. They can apply to take up the PEP at the end of 2 years on their current P1 pass...



Outlook for Singapore economy in 2008

MTI forecasts the Singapore economy to grow by 4.5-6.5 per cent in 2008. This represents a moderation in growth towards the economy's underlying potential rate, following four years of above-trend growth.
The market consensus is that the US economy will slow down in the first half of 2008 as a result of weaker credit and housing markets before resuming healthy growth in the second half. This would support GDP growth in Singapore in the upper half of the 4.5-6.5 per cent forecast range...



Employment situation in 3rd Quarter 2007

Employment continued to grow strongly as the economy maintained its rapid expansion. Preliminary estimates show that employment grew by 57,600 in the third quarter of 2007...
Services continued to lead the employment gains, adding 34,500 workers in the third quarter of 2007. Manufacturing posted gains of 11,800. Driven by the growth in building activities, construction increased its workforce by 10,800, continuing the rapid increase of the previous quarter...



Advance GDP estimates for second quarter 2007

"Advance estimates1 show that real gross domestic product (GDP) rose by 8.2 per cent on a year-on-year basis in the second quarter, up from 6.4 per cent in the previous quarter...

"Underpinned by strong growth in the biomedical manufacturing and transport engineering clusters, the manufacturing sector is estimated to have grown by 10.2 per cent the second quarter, up from 4.4 per cent in the previous quarter..."



MAS and SGX to oversee corporate governance for listed companies

Oversight of corporate governance of listed companies will be transferred from the Council of Corporate Disclosure and Governance (CCDG)[1] to the Monetary Authority of Singapore (MAS) and the Singapore Exchange Ltd (SGX) with effect from 1 September 2007...
The Code of Corporate Governance will continue to be implemented through the SGX Listing Rules via the “comply or explain” approach[2], as is currently the practice...


     - 1,100 theft cases involving metals in 2006


Alcoholic beverages consumption in foreign workers' dormitories

"In a pilot test, Police has allowed beer to be sold in four dormitories1, and where the beer is then consumed at designated social areas inside the dormitories...
"Police is now conducting a review to assess if the sale and consumption of beer can be extended to other dormitories..."




Advance GDP estimates for 4th quarter 2006




Overall GDP




Goods Producing Industries









Services Producing Industries




* Advance Estimates



     - Record 15,000 household products registered with SAFETY mark

     - Survey shows manpower issues a growing concern for SMEs

     - Foreign Worker Levy and S-Pass quota to go up

     - PMI for electronics shows contraction for June 2006


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...


     - Advance GDP Estimates for First Quarter 2006

     - Singapore Labour Market 2005

     - Workplace Safety and Health Act replaces Factories Act


Prime Minister's New Year Message 2006

"We grew by 5.7% in 2005, better than expected. Growth was broad-based. Manufacturing output rose sharply and the services industries also did well...

"In the first three quarters, we created 78,000 jobs. This reduced the unemployment rate to 3.3%. For the whole of 2005, employment creation should match or even exceed the 108,500 jobs recorded in 2000.

"Wages increased by around 4% and many workers enjoyed good bonuses. Overall, Singaporeans have become more confident and optimistic..."



     - Performance of Singapore economy in 3rd quarter 2005

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

     - Performance of Singapore Economy in 2nd Quarter 2005

     - Performance of Singapore Economy in 1st Quarter 2005

     - Ministry of Manpower fine tunes foreign worker policy



  Singapore's all-important manufacturing sector may be bottoming out after data released yesterday showed a smaller-than-expected 13.6 per cent drop in output last month over November last year. Economists were expecting a markedly worse dive of around 20 per cent, in line with October's drop of 20.6 per cent. (Straits Times 27 Dec 2001) (3)