{"id":1300,"date":"2021-10-15T18:56:00","date_gmt":"2021-10-15T17:56:00","guid":{"rendered":"https:\/\/rethinkq.adp.com\/?p=1300"},"modified":"2024-09-03T21:55:53","modified_gmt":"2024-09-03T20:55:53","slug":"singapore-asian-business-hub","status":"publish","type":"post","link":"https:\/\/rethinkq.adp.com\/singapore-asian-business-hub\/","title":{"rendered":"Singapore, a thriving Asian business hub"},"content":{"rendered":"\n<header class=\"entry-header bg-adp-tan block--article-header alignfull block--article-header\" >\n\n  \n\n<figure class=\"wp-block-image size-full entry--image\"><img decoding=\"async\" width=\"1920\" height=\"1280\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/10\/mike-enerio-tmqsL3BmZ80-unsplash.jpg\" alt=\"\" class=\"wp-image-1301\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/10\/mike-enerio-tmqsL3BmZ80-unsplash.jpg 1920w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/10\/mike-enerio-tmqsL3BmZ80-unsplash-300x200.jpg 300w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/10\/mike-enerio-tmqsL3BmZ80-unsplash-1024x683.jpg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/10\/mike-enerio-tmqsL3BmZ80-unsplash-768x512.jpg 768w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/10\/mike-enerio-tmqsL3BmZ80-unsplash-1536x1024.jpg 1536w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/10\/mike-enerio-tmqsL3BmZ80-unsplash-375x250.jpg 375w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><figcaption class=\"wp-element-caption\"><a target=\"_blank\" href=\"https:\/\/unsplash.com\/photos\/tmqsL3BmZ80\" rel=\"noreferrer noopener\">Mike Enerio<\/a>&nbsp;Unsplash<\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group entry--title-wrapper\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><div class=\"entry--social-share\">\n  <ul>\n    <li><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/rethinkq.adp.com\/singapore-asian-business-hub\/&#038;t=Singapore, a thriving Asian business hub\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/facebook.svg\" alt=\"Facebook logo - click to share this article on Facebook\"><\/a><\/li>\n    <li><a href=\"http:\/\/twitter.com\/share?text=Singapore, a thriving Asian business hub&#038;url=https:\/\/rethinkq.adp.com\/singapore-asian-business-hub\/\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/twitter.svg\" alt=\"Twitter logo - click to share this article on Twitter\"><\/a><\/li>\n    <li><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https%3A%2F%2Frethinkq.adp.com%2Fsingapore-asian-business-hub%2F\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/linkedin.svg\" alt=\"LinkedIn logo - click to share this article on Facebook\"><\/a><\/li>\n  <\/ul>\n<\/div>\n\n            <a class=\"entry--tag tag-style\" href=\"https:\/\/rethinkq.adp.com\/money-matters\/\">Money matters in<\/a>\n\n        \n  <h1 class=\"entry-title\">Singapore, a thriving Asian business hub<\/h1>\n\n\n<p class=\"is-style-summary-style\">The country is a draw for businesses, but its low earners have been thrust into the spotlight.<\/p>\n<\/div><\/div>\n\n\n  <div class=\"entry--meta content-width\">\n           <p class=\"authors\">By\n                        <a href=\"https:\/\/rethinkq.adp.com\/author\/annabelle-liang\/\">Annabelle Liang<\/a>\n\n             \n         \n     <\/p>\n    \n  \n  <p>15 October 2021  <span class=\"desktop-only\">\u2014<\/span> <a href=\"https:\/\/rethinkq.adp.com\/issue-3-place\/\">Issue 3: Place<\/a> \n  <\/div><!-- .entry-meta -->\n\n<\/header><!-- .entry-header -->\n\t<div class=\"entry-content content-width\">\n\n\n\n<p>The movie \u201cCrazy Rich Asians\u201d wowed international audiences with scenes of fabulous estates in Singapore and ostentatious parties, as a bachelor sought his family\u2019s approval of his bride-to-be.&nbsp;<\/p>\n\n\n\n<p>The premise hardly rattled inhabitants of the wealthy city-state, located at the southern tip of the Malay Peninsula. Home to 27 billionaires and many multinational corporations, Singapore has a GDP per capita of <a href=\"https:\/\/data.worldbank.org\/indicator\/NY.GDP.PCAP.CD?locations=SG\" target=\"_blank\" rel=\"noreferrer noopener\">$59,798<\/a>, among the highest in the world.<\/p>\n\n\n\n<p>One reason for it being so attractive to business is its proximity to large and dynamic markets in Southeast and South Asia, says economist Linda Lim, professor emerita at the University of Michigan. It also has excellent infrastructure, with state-of-the-art ports, airport, transportation and telecommunication networks, plus a business-friendly government, free trade and a stable currency.&nbsp;<\/p>\n\n\n\n<p>\u201cThere are also liberal work visas available for foreign nationals, so you are not limited to a small local talent pool,\u201d Lim says. Of the <a href=\"https:\/\/www.singstat.gov.sg\/modules\/infographics\/population\" target=\"_blank\" rel=\"noopener\">5.5 million<\/a> people living in 728 sq km, about one-third are non-residents \u2014 foreigners without permanent residency.&nbsp;<\/p>\n\n\n<div class=\"block--sidebar bg-adp-purple alignwide\"><div class=\"block--sidebar__inner\">\n\n<h3 class=\"wp-block-heading\"><strong>Everything about Singapore<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Population<\/strong>: 5.5 million<\/li>\n\n\n\n<li><strong>Total workforce:<\/strong> 3.4 million (excluding migrant domestic workers)<\/li>\n\n\n\n<li><strong>Land size:<\/strong> 728 sq km<\/li>\n\n\n\n<li><strong>Official languages:<\/strong> English, Malay, Tamil, Mandarin Chinese<\/li>\n\n\n\n<li><strong>Currency:<\/strong> Singapore dollar<\/li>\n\n\n\n<li><strong>Affiliations:<\/strong> ASEAN, APEC, U.N., WTO, Commonwealth of Nations<\/li>\n\n\n\n<li><strong>GDP:<\/strong> $340 billion in 2020<\/li>\n\n\n\n<li><strong>GDP per capita:<\/strong> $59,798<\/li>\n\n\n\n<li><strong>Minimum monthly wage:<\/strong> none\u00a0<\/li>\n\n\n\n<li><strong>Median monthly wage:<\/strong> SGD 4,534 ($3,380)<\/li>\n<\/ul>\n\n\n\n<p>Sources: <a href=\"https:\/\/data.worldbank.org\/country\/SG\" target=\"_blank\" rel=\"noreferrer noopener\">World Bank<\/a>, <a href=\"https:\/\/stats.mom.gov.sg\/iMAS_PdfLibrary\/mrsd-Labour-Market-Report-2Q-2021.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Ministry of Manpower<\/a><\/p>\n\n<\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">Opening up<\/h2>\n\n\n\n<p>Singapore\u2019s cosmopolitan present is anchored in its multicultural past. In the 19th century, it was a free port for ships on a popular route between China and India. It didn\u2019t charge port fees and only imposed custom duties on select products such as tobacco, opium and alcohol.&nbsp;<\/p>\n\n\n\n<p>After Singapore became fully independent in 1965, leaders continued to build on its trading culture, along with efforts to fuel the broader economy. They also focused on education because the country had few natural resources. Lee Kuan Yew, Singapore\u2019s first prime minister, had a strategy of developing \u201cSingapore\u2019s only available natural resource: its people.\u201d&nbsp;<\/p>\n\n\n\n<p>But there weren\u2019t enough people to keep businesses thriving. In the 1980s and 1990s, Singapore&#8217;s leaders put policies in place to bring in foreigners. The country\u2019s non-resident workforce jumped from 612,000 in 2000 to <a href=\"https:\/\/www.mom.gov.sg\/documents-and-publications\/foreign-workforce-numbers\" target=\"_blank\" rel=\"noopener\">1.4 million<\/a> in 2019. This number declined during the pandemic to about 1.1 million, as lost jobs led foreign workers to head home.&nbsp;<\/p>\n\n\n\n<p>\u201cWork pass holders are here to complement our workforce and grow the economy. In good times, this attracts investments, which in turn creates more jobs for locals,\u201d Prime Minister Lee Hsien Loong <a href=\"https:\/\/www.pmo.gov.sg\/Newsroom\/National-Day-Rally-2021-English\" target=\"_blank\" rel=\"noopener\">recently said<\/a>. \u201cIn bad times, like last year, the foreign workforce shrinks, and this shields locals from worse job losses.\u201d<\/p>\n\n\n\n<p>Some 166,900 foreign workers have employment passes, which means they <a href=\"https:\/\/www.mom.gov.sg\/passes-and-permits\" target=\"_blank\" rel=\"noopener\">earn<\/a> at least 4,500 Singapore dollars ($3,343) per month. That figure is <a href=\"https:\/\/stats.mom.gov.sg\/Pages\/Income-Summary-Table.aspx\" target=\"_blank\" rel=\"noopener\">close to<\/a> the median gross monthly income of full-time employed residents: SGD 4,534, including employers\u2019 retirement contributions.&nbsp;<\/p>\n\n\n\n<p>However, foreign manpower is a delicate issue in Singapore. The government\u2019s 2013 <a href=\"https:\/\/www.mti.gov.sg\/-\/media\/MTI\/Resources\/Feature-Articles\/2012\/MTI-Occasional-Paper-on-Population-and-Economy\/FAQs-for-White-Paper.pdf\" target=\"_blank\" rel=\"noopener\">Population White Paper<\/a> resulted in one of the country\u2019s largest protests. The paper had projected a foreign workforce of 2.5 million by 2030, ratcheting up worries of overcrowding and more competition for jobs.&nbsp;<\/p>\n\n\n\n<p>\u201cWe need to find a balance. If we do too little to address the demographic challenge, we risk becoming a steadily greying society, losing vitality and verve, with our young people leaving for opportunities elsewhere,\u201d it said. \u201cBut if we take in too many immigrants and foreign workers, we will weaken our national identity and sense of belonging, and feel crowded out of our own home.\u201d&nbsp;<\/p>\n\n\n\n<p>Officials doused the flames by asking firms to prove they attempted to hire Singaporeans before foreigners. Exemptions were made for firms with 25 or fewer employees and for positions paying more than SGD 12,000 ($8,915) per <a href=\"https:\/\/www.mom.gov.sg\/passes-and-permits\/personalised-employment-pass\/eligibility-and-requirements\" target=\"_blank\" rel=\"noopener\">month<\/a>.<\/p>\n\n\n\n<p>The issue recently resurfaced after an opposition party called for a quota for employment passes and S-passes, whose holders are paid at least SGD 2,500 a month.&nbsp;<\/p>\n\n\n\n<p>\u201cWe cannot afford to take our economic competitiveness for granted,\u201d Manpower Minister Tan See Leng said in a parliamentary response. \u201cInvestors watch and wonder how many other Singaporeans feel this way. Has Singapore become less welcoming of foreign investments, of global talent?\u201d&nbsp;<\/p>\n\n\n<div class=\"block--sidebar bg-adp-navy alignwide\"><div class=\"block--sidebar__inner\">\n\n<h3 class=\"wp-block-heading\"><strong>Payroll in Singapore<\/strong><\/h3>\n\n\n\n<p>Singapore\u2019s tax policy aims to be competitive for corporations and individuals to attract foreign investment and encourage entrepreneurship. Taxes are filed on a calendar year basis. Parties are required to file taxes by mid-April of the next year.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Income tax rate:<\/strong> Progressive\n<ul class=\"wp-block-list\">\n<li>People earning less than SGD 20,000 per year pay no income tax. The next SGD 10,000 is taxed at 2%, and the rate increases as the income increases.<\/li>\n\n\n\n<li>The highest personal income tax rate is 22% for individuals earning more than SGD 320,000 per year.\u00a0<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Employees&#8217; retirement contribution:<\/strong> Up to 20% of wages\n<ul class=\"wp-block-list\">\n<li>Citizens younger than 55 pay 20% of their monthly pay into the Central Provident Fund (CPF), Singapore\u2019s savings and pension plan. The rate falls to 5% when they pass the age of 65.<\/li>\n\n\n\n<li>Singapore permanent residents must contribute after their third year of work, or they can apply to join earlier.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Employer\u2019s retirement contribution<\/strong>: Up to 17% of wages\n<ul class=\"wp-block-list\">\n<li>Employers contribute 17% of an employee\u2019s pay to their CPF account if they are younger than 55; the rate falls to 7.5% if they are older than 65.\u00a0<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Holidays:<\/strong> Employees are entitled to paid leave if they have worked for at least three months.\n<ul class=\"wp-block-list\">\n<li>The entitlement varies with years of service, starting with seven days of paid leave in the first year.\u00a0<\/li>\n\n\n\n<li>An employee who has worked with an employer for at least eight years is entitled to 14 days of paid leave.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>Sources: <a href=\"https:\/\/www.iras.gov.sg\/irashome\/Individuals\/Locals\/Working-Out-Your-Taxes\/Income-Tax-Rates\/\" target=\"_blank\" rel=\"noreferrer noopener\">Inland Revenue Authority of Singapore<\/a>, <a href=\"https:\/\/www.cpf.gov.sg\/employers\/employerguides\/employer-guides\/paying-cpf-contributions\/cpf-contribution-and-allocation-rates\" target=\"_blank\" rel=\"noreferrer noopener\">Central Provident Fund Board<\/a><\/p>\n\n<\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">Flip side<\/h2>\n\n\n\n<p>Low earners have also been a point of discussion in the city, which has a high cost of living and no set minimum wage.<\/p>\n\n\n\n<p>Singapore placed first in the Economist Intelligence Unit\u2019s <a href=\"https:\/\/www.eiu.com\/n\/campaigns\/worldwide-cost-of-living-2020\/\" target=\"_blank\" rel=\"noreferrer noopener\">Worldwide Cost of Living<\/a> survey for seven straight years. The city slipped to the fourth spot in the <a href=\"https:\/\/www.eiu.com\/n\/campaigns\/worldwide-cost-of-living-2020\/\" target=\"_blank\" rel=\"noreferrer noopener\">latest 2020 edition<\/a>, behind Zurich, Paris and Hong Kong.<\/p>\n\n\n\n<p>The Singapore government has declined to set a minimum wage, instead implementing a Progressive Wage Model to grow the incomes of residents in selected sectors. It recently bolstered a supplementary scheme for low earners who are Singapore residents, and companies that employ foreign workers have started paying local employees a monthly salary of at least SGD 1,400 a month.&nbsp;<\/p>\n\n\n\n<p>Even so, many foreign workers may draw a lower salary. Around 70% of Singapore\u2019s foreign workforce hold work permits with no minimum qualifying wage. The bulk of them are domestic workers or semi-skilled workers in the construction, manufacturing, marine shipyard or services sectors.&nbsp;<\/p>\n\n\n\n<p>They often arrive from less developed countries. For instance, most construction workers come from India or Bangladesh, says Alex Au, vice president of the Transient Workers Count Too help group. Au\u2019s organization <a href=\"https:\/\/twc2.org.sg\/2021\/06\/06\/reintroducing-trade-schools-wont-be-enough-to-reduce-reliance-on-migrant-labour\/\" target=\"_blank\" rel=\"noopener\">estimates<\/a> that Bangladeshi workers with lower skills and experience earn SGD 450 ($334) monthly. With overtime, that increases to SGD 577. Their peers in South Korea and Australia are paid SGD 2,737 and SGD 4,427 for the same work, according to the estimates.&nbsp;<\/p>\n\n\n\n<p>Au believes Singapore\u2019s lack of a minimum wage will eventually drive workers away as their home countries develop; he has seen this happen with Chinese, Thai and Malaysian workers.&nbsp;<\/p>\n\n\n\n<p>\u201cWhy should they take a job in Singapore and be separated from their families? They might as well stay and do the same job,\u201d he says. \u201cTwo things can happen: Singapore either pays more, or we look further afield for new sources of cheap labor. Is this a sustainable model?\u201d&nbsp;<\/p>\n\n\n\n<p>Because wages are so low, many foreign workers live in dormitories. The crowded conditions led to a number of Covid-19 outbreaks in the past two years.&nbsp;<\/p>\n\n\n\n<p>In the long-run, Au predicts Singaporean workers could be paid a monthly wage of at least SGD 2,000, similar to South Korea\u2019s minimum wage.&nbsp;<\/p>\n\n\n\n<p>\u201cThis is actually what Singapore needs, because our economies are supposed to be the same as South Korea or Japan,\u201d he said. \u201cI can see us getting close to it, but only for the Singapore section of the population. Meanwhile, our foreign workers are being paid SGD 400, 500 or 600 a month \u2014 a third of what it should be.\u201d<\/p>\n\n\n\n<p>As the government schemes apply only to Singapore residents, Lim expects the downward market pressure from foreigners to continue.&nbsp;<\/p>\n\n\n\n<p>\u201cFrom the perspective of the business or employer clientele, the message is unmistakable. Expect labor costs to rise, at least at the low end,\u201d she says. \u201cExpect more controls or tighter adherence to existing controls on employment of foreign labor. Expect to invest more in raising productivity and skills of your workers with equipment and training. Anti-discrimination policy now will be enacted into law, so it\u2019s not going to be so easy to hire foreign skilled workers.\u201d&nbsp;&nbsp;<\/p>\n\n\n<div class=\"block--author\">      <div class=\"block-author__inner\">\n        <div class=\"author--image\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/annabelle-liang\/\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/10\/profile_annabelle-liang-1-298x305.jpg\" alt=\"\" \/><\/a>\n                  <\/div>\n        <div class=\"author--info\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/annabelle-liang\/\" class=\"author--name\">Annabelle Liang<\/a>\n\n          \n          <p><span style=\"font-weight: 400;\">Annabelle Liang<\/span><span style=\"font-weight: 400;\"> is a Singapore-based freelance journalist who regularly writes for NBCUniversal, the Associated Press and BBC World News. She previously covered financial news for Citywire and wrote regional and global stories for the Associated Press. <\/span><\/p>\n          <div class=\"block--author-social\"><ul class=\"author--socials\"><li><a href=\"https:\/\/annabelleliang.com\/\" title=\"Author Website\" target=\"_blank\"><i class=\"fas fa-globe\"><\/i><\/a><\/li><\/ul><\/div>\n        <\/div>\n      <\/div>\n       <\/div>\n\n<div class=\"block--recommended-content alignwide is-style-bg-adp-tan\"><div class=\"block-recommended-content__inner\">\n\n<h2 class=\"wp-block-heading\">Read more<\/h2>\n\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/legal-implications-remote-workforce\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/digital_nomad_collage_final-1084x576.jpg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">The legal implications of a remote workforce<\/span>\n          <p>Complying with a patchwork of local privacy, payroll and employee classification laws can expose organizations to unexpected liability. \n<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/artifact-paper-money-china\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2023\/11\/2HD7779-1084x576.jpg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">The birth of paper money in China<\/span>\n          <p>The advent of printed money, called jiaozi, in China changed the world and how people get paid.<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/global-pandemic-stimulus-packages\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/stimulus-payment-success-2-1084x576.jpeg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">How countries around the world are tackling the pandemic slump<\/span>\n          <p>Targeting recipients for direct cash payouts is the key to global economic recovery, a Yale economist says.<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n<\/div><\/div>\n\n\n<section class=\"wp-block-group alignfull section--sign-up has-background\" style=\"background-color:#7967ae\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center is-style-default has-white-color has-text-color has-large-font-size\"><a href=\"\/sign-up\/\">Sign up<\/a> to keep up to date with ReThink Q.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>The country is a draw for businesses, but its low earners have been thrust into the spotlight. <\/p>\n","protected":false},"author":1,"featured_media":1301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[3],"tags":[146,98,44,145],"coauthors":[121],"class_list":["post-1300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-matters","tag-asia","tag-global-economy","tag-payroll","tag-singapore","issue-issue-3-place"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - 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