Singapore is a well-developed country that partakes in many labor and employment practices. Many foreign migrants will travel out to Singapore because of the job opportunities and the high wages that are offered. Migrant workers who are in close proximity to Singapore tend to find the wages earned are significantly better in Singapore and will move for a better payroll (Kantachote, 2023). Before entering Singapore and being offically hired, foreign migrant workers must sign labor law contracts that protect one in the workforce(Rajah, 2019).
Singapore is known for having a strong supply of goods as the minimum wage is low (Sternquist,1998). Singapore is also known for its developed trading industry among other countries because they are a debt-free country. Singapore is a developed country in Southeast Asia and has maintained a good barrier for trade because of how well they are at managing the budget and will not fail to have an accumulated surplus (Singh, 2021). Singapore’s economy is maintained well because of the low taxes and zero Tariffs on import and export Quotas and as a result has an increased GDP per capita and GDP growth (Truitt, 2023). This makes Singapore one of the wealthiest nations.
Figure 7 : Singapore’s labor force participation percentage between 2000 and 2022
