29 April 2019

Monetary Authority of Singapore managing director Ravi Menon has said that there is still plenty of scope to increase the proportion of Singaporeans with non-tertiary education such as secondary, diploma and professional qualifications.

This group will be able to transform the nature of many jobs, thus raising standards and quality.

There is scope to increase productivity and efficiency in many domestic services jobs, for example, the occupations of childcare worker, baker, security guard and plasterer. In Singapore, the typical pay for these occupations is between 30 and 60 per cent of the median wage.

Similar efforts have been already been rolled out for other occupations in Singapore — including bank tellers, hairdressers, vehicle mechanics and bus drivers.

Mr Menon also cautioned if a country’s economic growth falls below 2 per cent, it would discourage talent from seeking work here.

“It is hard to imagine a dynamic city growing at less than 2 per cent or worse still, 1.5 per cent. It will be unattractive to investors and talent, including the city’s own investors and talented people,” he said. “A reasonably good rate of growth helps to create opportunities and preserve a sense of progress and hope, particularly among the young. It will also facilitate upward social mobility.”