Labour

Weak labour productivity a threat to ASEAN’s potential

The Association of Southeast Asian Nations (ASEAN) as a collective of 10 economies has made immense strides over the past 51 years. A significant milestone for the bloc was the establishment of the ASEAN Economic Community (AEC) in 2015 which aims to achieve a vision for a dynamic and competitive market encompassing all 10 states.At the crux of such an ambition is the huge potential of a demographically young region of over 630 million people – with 60 percent below the age of 30.

7 June 2018
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Singapore to increase labour force productivity to counter aging demographics

Singapore’s economy expanded by 3.5% in 2017, according to estimates released by the Ministry of Trade and Industry earlier this month. Yet the percentage of its labour force aged over 60 years also rose from 6.1% in 2007 to 14.1% in 2017, according to a recent report by the Ministry of Manpower (MOM).The labour force participation rate (LFPR) in 2017 meanwhile dropped to 67.7% from 68% in 2016 according to MOM data.

29 January 2018
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Aging Singapore faces declining labour supply

While Japan had the biggest slump in its workforce in Asia over the last 10 years, Singapore has the most to fear from an aging population over the next two decades.The city state will face a double whammy: a shrinking workforce and slower progress than Asian neighbours in getting more people into the labour market.

6 September 2017
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