FAQ · Economy & Work 20

Singapore relies entirely on international markets for its natural gas supply, which is sourced via pipelines from Malaysia and Indonesia as well as through LNG imports. All of the nation's crude oil is also imported to meet its needs. Natural gas is a pivotal resource that fueled 93.9% of total electricity generation in 2021. The industrial sector also uses natural gas extensively for chemicals and plastics production. Meanwhile, oil products are mainly used in transport and non-energy sectors like plastics and chemicals.

Collective bargaining is a negotiation process between employers and employee groups to regulate salaries and working conditions. These negotiations are commonly presented by representatives of a trade union. The resulting collective agreement functions as a labour contract that establishes terms for wage scales and working hours. It can also cover overtime, training, and health and safety. Some agreements include productivity bargaining where workers accept changes in practice for higher pay. This process helps define the rights and responsibilities of both the workers and the unions.

In February 2006, a S$2.6 billion Progress Package was announced to distribute budget surpluses. This package included cash bonuses that were distributed in early May 2006. Other forms of support included top-ups to the Central Provident Fund and rental and utilities rebates. Educational funds were also part of this distribution. The announcement drew some criticism regarding its timing before the 2006 general election.

The foreign workforce in Singapore includes both low-skilled and skilled workers. By 2010, the non-resident workforce reached nearly 1.09 million people. Within this group, 870,000 were identified as low-skilled foreign workers. Another 240,000 were skilled foreign workers who were better-educated S-pass or employment pass holders. Malaysia remains the main source of these workers.

Singapore has thrived in global finance and trading while serving as an industrial hub for international trade. The nation positioned itself as a supplier of secondary factors, including expertise in management and industrial infrastructure. This development occurred as the economy required adjustment from its export-driven model. Despite challenges in the manufacturing sector, these service-oriented strengths helped the economy grow. The country has maintained positive growth rates even during periods when growth diminished.

Local agricultural companies like Yili Farm operate within Singapore's domestic food production sector. These farms specialize in cultivating various products such as vegetables and mushrooms. While some farms use traditional soil-based methods, others are incorporating hydroponic farming systems to improve land-use efficiency. Recent developments also include the introduction of automation and climate monitoring systems within greenhouse facilities. These activities are part of a broader strategy to enhance food resilience and supply diversification in the country.

The proposal to build a new industrial town in Jurong was announced on July 4, 1960. Planning and design processes began in August of that same year. To support economic development, Singapore sought international assistance from the United Nations Industrial Survey Mission. The Economic and Development Board was formed in 1961 to spearhead the industrialisation process. Earthworks for the Jurong industrial estate commenced during that same year.

During the circuit breaker period from 7 April to at least 4 May, all non-essential workplaces will be closed or converted to remote work. This includes entities such as Singapore Pools. Additionally, individuals in administrative roles within the Singapore Armed Forces will work from home wherever possible. Other organizations like the Singapore Police Force and Singapore Civil Defence Force have also followed these measures. These changes are part of a stricter set of measures implemented to manage community spread.

In May 2018, the Frasers Property Group partnered with the Singaporean sovereign wealth fund GIC. This partnership included the coworking company JustCo to invest $177 million. The goal of this investment was to create a Southeast Asian coworking platform. This initiative highlights significant financial movement within the regional coworking sector.

Aspire is a company that was established in Singapore in January 2018. While it initially focused on providing working-capital credit to small and medium-sized enterprises, it has since expanded its service offerings. The company now provides business accounts, corporate cards, and payments. Its current suite of services also includes invoice processing and various financial-management tools. These services are utilized by more than 15,000 business customers.

The SMU School of Accountancy offers the Bachelor of Accountancy undergraduate degree and the Master of Professional Accounting programme for professionals. The Master of Professional Accounting was launched in 2005 for those without undergraduate accounting qualifications. Both the BAcc and MPA programmes are accredited by several professional bodies. These include the Institute of Singapore Chartered Accountants and Chartered Accountant Singapore. They are also accredited by the Accounting and Corporate Regulatory Authority, CPA Australia, the Institute of Chartered Accountants Australia, and the Institute of Chartered Accountants in England and Wales.

According to historical records, 31 December was declared a bank holiday. This decision was made in preparation for the Year 2000 problem. This declaration was made by the managing director of the Monetary Authority of Singapore. Such measures were taken to address technical concerns during that period. This specific date served as a bank holiday for the banking sector.

In 1986, First City Investment Pte Ltd, a subsidiary of First City Holdings Group Limited, accepted an offer to acquire 1 million shares in Sealion Hotels Limited. These shares were purchased from Tsang & Ong Stockbrokers at a price of 60 cents per share. This transaction occurred while the shares of Sealion were still suspended. The additional purchase of these 1 million shares was publicly announced and disclosed to the Stock Exchange of Singapore.

Great Eastern Life Assurance Co. Ltd is the largest and oldest life insurance company in Singapore and Malaysia. It was founded in 1908 and is a subsidiary of Oversea-Chinese Banking Corporation. The company is the only life insurance company listed on the Singapore Exchange. It serves millions of policyholders through various distribution channels. These channels include a tied agency force, bancassurance, and the financial advisory firm Great Eastern Financial Advisers.

Historically, the area was divided between the Municipal Commission and the Singapore Rural Board. Before 1951, the urban area was referred to as the Town of Singapore. The territory outside these urban boundaries was administered separately by the Rural Board. In 1951, the Town of Singapore was officially elevated to city status. Today, the former city boundary corresponds broadly to the modern Central Area located in the south-eastern corner of the island.

Tipping is generally not practised in Singapore. However, it is common for hotels and restaurants to levy a 10% service charge before the local Goods and Services Tax. You may see prices displayed with ++ which means the service charge and GST are not included in the advertised rate. If a price is listed as nett, it already includes all taxes and service charges. While tipping is not expected in taxis, bellhops and hotel porters still expect about $2 per bag.

It is common for restaurants and hotels in Singapore to levy a 10% service charge before the Goods and Services Tax. You may notice menu prices displayed with symbols like ++, which indicates that the service charge and GST are not included in the advertised rate. These additional costs will be added to your final bill. If a price is listed as nett, it means all taxes and service charges are already included. Therefore, you should account for these extra charges when budgeting for your meals.

Tourists can claim a refund of the Goods and Services Tax paid on goods purchased from participating retailers. This process is managed through the Tourist Refund Scheme, which is administered by Singapore Customs on behalf of the Inland Revenue Authority of Singapore. To qualify, the goods must be brought out of Singapore via Changi International Airport or Seletar Airport. This scheme provides a way for visitors to recover tax paid on their purchases. Singapore Customs serves as the lead agency for this administration.

Samsui women typically commenced their work at 8 am to undertake physically strenuous tasks. They would perform duties such as digging soil and transporting various construction materials. Following a brief lunch break, they occasionally collected wood for cooking fuel. Their workday would conclude around 5 pm or 6 pm. After finishing their work, they returned home to prepare dinner.

Ferry prices can vary depending on the time of your departure. For example, Batam Fast offers lower prices for late night departures and higher prices for peak times. Majestic Fast Ferry also has different rates, with higher prices during mid-day and lower prices in the mornings and evenings. Other companies like Horizon Fast Ferry provide fares that include terminal fees. You should check the specific pricing for your chosen ferry company to plan your trip accordingly.