Mr Liang Eng Hwa: To ask the Minister for Trade and Industry (a) what is the number of jobs which new firms have created in the last five years; (b) how does this number compare to job creation by older firms; and (c) what is the profile and prospects of these new jobs created.
Oral Answer (to be attributed to Senior Minister of State for Trade and Industry Mr Chee Hong Tat)
- A study by MTI showed that young firms are key contributors of jobs in Singapore. These are firms which have been formed for five years or less. Between 2012 and 2016, young firms created an average of more than 106,000 jobs per annum, accounting for close to 90 per cent of the 120,000 jobs created each year.
- Many of the jobs created by young firms are in sectors that provide good wages and career development prospects for Singaporeans. In particular, around one-third of the 106,000 jobs created by young firms from 2012 to 2016 were in key growth sectors such as wholesale trade, manufacturing, information & communications and finance & insurance. These are sectors which pay higher monthly wages compared to the economy-wide average.
- The Government will continue to work with industry and other key stakeholders to encourage entrepreneurship and attract new investments into Singapore.