Singapore is a dynamic and competitive economic power and has become one of the leading financial center in Asia. The country's bustling economy and the local advantageous taxation system attract hundreds of new immigrants each year. It is estimated that one third of the population is of foreign origin.
In spite of a light contraction of the labor market due to the recent financial crisis, the unemployment rate in Singapore is around 3,3% in March 2009, which is clearly below European or North American averages. The labor market in Singapore remains dynamic and the country is always seeking for foreign qualified and graduate workers in the manufacturing, catering, teaching, biotechnology, technique, financial or tourism sectors.
Several professions are nonetheless reserved to Singaporeans, like medical-related professions, while others require a professional affiliation (legal professions, architects, pharmacists etc.)
As far as employment conditions are concerned, the legal working time cannot exceed 8 hours per day and 44 hours per week. Singaporeans are generally paid extra for working overtime and benefit from ten bank holidays and at least one week paid vacation per year.
Work contracts must strictly be respected. Be aware though that employers can easily dismiss employees, sometimes without notice.
There is no minimum wage in Singapore, and salaries vary according to the type of profession or activity carried out in the country. The average wage is around US$ 2,500 per month.
There are few strikes in Singapore, and trade unions are more or less controlled by the state.
Useful links :
Singapore statistics - employment, wages, working time
Singapore Ministry of Manpower
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