Singapore has set up a council to lead efforts in developing skills, enhancing innovation and increasing productivity for the benefit of its future economy.
The Council for Skills, Innovation and Productivity (CSIP) will take over efforts of the SkillsFuture Council and the National Productivity Council, and is chaired by Mr. Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister and Coordinating Minister for Economic and Social Policies.
Singapore has seen a trend in declining labour productivity since 2014. For 2015, overall labour productivity fell by 0.1%, marginally improving from a decline of 0.5% in 2014, according to a statement by the Ministry of Manpower.
The new council aims to advance SkillsFuture, a scheme to help citizens train new skills throughout their careers.
CSIP will also drive productivity by expanding the scales of businesses, help companies automate and promoting innovation in sectors. This is part of the government’s US$3.2 billion Industry Transformation Programme announced during Budget 2016.
The council will house 26 members, which includes government officials, industry professionals, unions, and education institutions.