This assumes that the global trade tensions do not escalate further from here and the manufacturing and trade outlook sees a modicum of stabilisation.
The greying of the Singapore population with attendant health, retirement and housing planning needs could also strain fiscal resources over the long term. Manufacturing, especially electronics, has been suffering a global demand slowdown, coupled with the wax and wane of the US-China trade war that has impacted both business and consumer confidence.
from 40 per cent to 38 per cent from Jan 1, 2020 for the proportion of foreign workers on work permits or S Passes, with a further cut to 35 per cent from Jan 1, 2021. The biggest challenge for labour remains keeping up with advances in technology. In the medium term, with the advent of the Internet of Things, automation, and the employment of artificial intelligence, Singapore is expected to see the largest disruption in its workforce among ASEAN countries.Singapore may see a faster and more widespread digital transformation compared to its ASEAN peers.
Residential and commercial buildings in the Kowloon district with the skyline of Hong Kong Island past Victoria Harbour in the distance. To better assist displaced workers and SMEs to ride out these challenging times, it may be timely to top up the SkillsFuture Credit scheme from the initial S$500 per Singaporean and offer more work transition support by scaling up the Professional Conversion Programmes.
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