Study Reveals Flexible Working Arrangements Could Bring $54.8b to Singapore Economy by 2030

October 22, 20189:35 am608 views

The gig economy is on the rise. Not only beneficial for workers who seek for better work-life balance, this type of employment is projected to benefit the nation’s economy too.

Recent study commissioned by Regus, a global workspace provider, suggested that the growing shift to more flexible working set-ups will bring significant boosts to Singapore economy. Today, the current contribution of non-traditional ways of working is about $27.3 billion or 6.1 percent of estimated 2017 national output. The study estimated that this number will rise to $54.8 billion by 2030, although it did not provide the percentage contribution.

Regus added that some 73,000 more jobs under flexible working arrangements are tipped to be created here by 2030. Professional, business support, public administration, information and communication, financial and property services are projected to account for 83.5 percent of the total value of the flexible working contribution to the economy by then.

Studying 16 key markets, the research found that by the next 12 years, between 8 and 13 percent of all employment will fall into the flexible working category in most developed economies.

“Greater levels of flexible working will save businesses money, reduce operating costs and boost productivity – ultimately causing a ripple effect across the economy from core businesses through to supply chains,” it said.

These will contribute to flexible working’s gross value add to the economy. In Singapore, the expected jump in gross value add is 89.8 percent, Straits Times reports.

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