Social factors

Singapore follows all the social traditions just like any eastern country. It follows traditional
values. The younger generation is now following western values. The urge to do socially well
has resulted in an increase in productivity. The business is seeing a rise in sales due to the high
purchasing power of the customers. The people of Singapore hate construction jobs. Due to the
high literacy rate in the country, trade and foreign investment are also much thrived in
Singapore.

1-Ethical issues
Singaporeans have a strong work ethic. They take pride in their work, and generally
conscientious and will put in whatever hours are required to meet deadlines. If a job isn’t
completed at the end of the work day, they will usually work overtime voluntarily to finish.
Although the island is well known for its numerous multinational corporations, private business
owners and neighborhood shop keepers are critical to the local economy. These merchants work
extremely long hours and take few days off1.

Business leaders advocate that positive ethical conduct and strong corporate governance are the
keys to a company’s success. There is a close relationship among ethics, corporate governance
and the people in the company. A company’s ethical environment and its corporate governance
structure are also influenced by the external regulatory framework. The regulatory bodies
promulgate the “best practices” and practical guidance is sometimes provided to help users
tackle real-life situations.

The corporate governance and ethical climate in Singapore is generally healthy one. According
to the 2004 IMF Article IV Consultation Report, Singapore has proactively aligned itself with
international best practices and kept up-to-date with the dynamic business landscape. According
to a study conducted by National University of Singapore Business School, most Singapore
businesses strive to operate ethically and have implemented internal codes of conduct to govern
employees’ actions. Singapore has been able to attract foreign investors due to its attractive
business environment. One of the key contributing factors is its robust regulatory framework and
its stable and transparent business environment. Singapore is generally in line and effectively
benchmarked against international standards in terms of its corporate governance and ethics
practices2.

1
https://search.alexanderstreet.com/preview/work/bibliographic_entity%7Cvideo_work
%7C2407177#:~:text=00%3A00%20UNKNOWN%20Singaporeans%20have,work%20overtime%20voluntarily%20to
%20finish.
2
https://isca.org.sg/media/3177/icpas-technical-article.pdf
 2-Demographic
*Singapore Demographics Profile (indexmundi.com)
*Appendix (1)
Singapore has one of the lowest total fertility rates (TFR) in the world – an
average of 1.15 children born per woman – and a rapidly aging population. 
Women have expanded educations, widened aspirations, and a desire to
establish careers has contributed to delayed marriage and smaller families.
Most married couples have only one or two children in order to invest more
in each child, including the high costs of education.
 
Migration has played a key role in Singapore’s development.  As
Singapore’s economy expanded during the 19th century, more and more
Chinese, Indian, and Malay labor immigrants arrived.  Most of Singapore’s
pre-World War II population growth was a result of immigration.

3-Health
Singapore’s healthcare spending, comprising both public and private healthcare expenditure, is expected to account
for 5.9% of GDP and could go up to 9% by 2029. This increase is largely attributed to rising government spending
on healthcare, as well as the local population’s consumption of healthcare services.
Healthcare infrastructure in Singapore consists of both public and private healthcare facilities with both offering
high quality of medical care but generally different level of service and comfort bellow image is showing
organization of the health system in Singapore.

https://www.commonwealthfund.org/international-health-policy-center/countries/singapore
https://www.trade.gov/market-intelligence/singapore-healthcare

4-Education rate
https://worldpopulationreview.com/country-rankings/education-rankings-by-
country
https://www.nxpo.or.th/th/en/thailands-performances-in-the-world-
competitiveness-rankings/

With its budding tech landscape, Singapore is the only Asian country to
make it in the top 10, with Australia marking the only other Asia Pacific
representation. The education system’s contribution is the shining light
in Singapore’s cyber literacy landscape, with its labor upskilling
initiatives ranking first in the world and formal education ranking
second.
Also among the country’s strengths is its public motivation to self-
educate on cyber security, with awareness in Singapore also ranking
second in the world. Most of the country’s population is online, which
gives it a good inclusivity score as well. The labor market’s contribution
is strong too, with the weakest metric being the government’s lack of
long-term cyber security vision.

Aside from Switzerland and Singapore, the top ten for cyber literacy
included: UK, Australia, Netherlands, Canada, Estonia, Israel, Ireland
and the US. The lack of an APAC presence on the list is concerning,
particularly as the region charges on with its digitalization efforts. It is
commonly accepted now that an expanding digital portfolio brings with
it a range of new cyber vulnerabilities as well, putting APAC among
high-risk areas.
Further, “the coronavirus pandemic has elevated the risk and the urgency
by shifting economic and social activity online,”
Educational initiatives are underway in key markets, although experts
suggest an integrated approach is key to ensuring cyber security in the
region.

https://www.consultancy.asia/news/3730/singapores-population-has-world-class-
cyber-literacy-skills