Acrede Accolade October 2013 Oct. 2013 | Page 3

Singapore drops 45 places in global ranking of labour and human capital Secondly, businesses should consider lobbying MPs and MEPs. Data processors, including most IT services companies, look set to take on new risks and responsibilities and with them new costs. Businesses with 250 employees will need to appoint an independent data protection officer with protected employment rights, reporting to the board. A whole team could well be needed to comply with the new accountability requirements. How will the right to be forgotten work for social media, data storage and archiving businesses? If minor security breaches need to be notified to the ICO this will create an unnecessary and costly administrative burden. Singapore has tumbled 45 places to 56th in the world for dynamic labour and human capital. The new law will need support from the UK government and European Parliament and there is still time to influence the outcome. Aw Eng Hai, partner at Grant Thornton Singapore, admits that the issue of labour productivity will be trickier with the need for foreign manpower a fairly sensitive issue. Shots in the dark Some commentators are starting to speculate that the draft law will flounder owing to the number of issues outstanding. This seems unlikely, as there is widespread agreement that change is needed. Businesses (particularly IT firms) should seriously consider what the changes might mean for them. However, with so much still to be resolved, it is still too early to carry out detailed planning for the new regime. For now, businesses must concentrate on complying with the current law - and make their views heard about the new law while they still have the opportunity. This comes ah ead of the government’s promise for tighter foreign labour laws. Original story found here: http://www.hrmasia.com/ news/latest-news/singaporedrops-45-places-in-globalranking-of-labour-and-humancapital/179440/ “S ingapore’s low birth rate and ageing population are likely to weigh further on productivity growth. More needs to be done to achieve the right local versus foreign manpower pool to keep the economic wheels churning,” he added. The GDI ranks 60 economies on their dynamism based on 22 economic indicators in five key areas – economics and growth, science and technology, business operating environment, labour and human capital and financing environment. Based on the Grant Thornton Global Dynamism Index (GDI), weaker labour productivity and slow economic growth also caused Singapore to drop six places from the top spot in a global ranking of economic dynamism. Singapore’s real GDP growth fell to 1.3% last year from 5.2% for 2011. This caused the country to fall from ninth place to 36th in the “economics and growth” sector. In addition, five of the top 10 economies in last year’s report also fell down the leader table this year. Finland slipped from second to sixth and Sweden dropped from third to ninth. Meanwhile, Australia, Chile and China rose to become the three best economies for growing business. “We should be clear what the index measures ... Singapore has not worsened as an economy where dynamic businesses can flourish, but rather, the six economies above us have seen their business growth environments improve relatively more over the past 12 months,” said Aw. “2012 was a tough year for our economy with weak external demand depressing growth. However, business growth fundamentals remain robust with the best financing environment in the world, a robust regulatory framework and high levels of investment in R&D. All these should support renewed growth in the economy,” said Aw. Meanwhile, Singapore was still ranked first for its financing environment and drew top scores for the quality of its financial regulatory system, as well as for translating a high percentage of its GDP from the private-sector credit. Accolade OCTOBER 2013 3