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35% of Singapore employees want to switch jobs in first half of this year

SINGAPORE: A significant portion of Singapore’s workforce is contemplating a change in their career trajectory, with a recent survey revealing that 35% of employees intend to switch jobs in the first half of 2024. This marks a notable increase from 30% in the same period last year.

The findings come from a comprehensive survey conducted by human resources firm Randstad, which included responses from over 173,000 individuals worldwide, including more than 2,600 participants from Singapore.

The results underscore a growing trend of job mobility in the city-state, driven by evolving employee expectations and workplace dynamics.

The survey highlights several critical factors influencing employees’ decisions to seek new opportunities. Leading the list are demands for flexible work arrangements, equitable salaries, and enhanced career development prospects.

These reasons reflect a shift in workplace priorities, particularly as the global workforce adapts to post-pandemic norms.

A deeper dive into the data reveals that 41% of respondents cited the pursuit of a better work-life balance as a primary reason for leaving their current positions. Meanwhile, 33% indicated that limited opportunities for career advancement prompted their decision to seek new roles.

Young professionals, particularly those aged 34 and below, represent the largest group intending to switch jobs. This demographic has seen a notable increase in job change intentions, rising from 33% in 2023 to 39% this year.

The survey suggests that younger workers are particularly driven by the desire for flexibility and growth, which aligns with broader generational trends favoring dynamic career paths over traditional long-term employment.

These findings pose significant implications for employers in Singapore. To retain talent, companies may need to reassess and potentially revamp their workplace policies, including offering more flexible working conditions, ensuring competitive remuneration, and providing clear pathways for career development.

Addressing these areas could be key to mitigating turnover and attracting skilled professionals in a competitive job market.

As the landscape of employment continues to evolve, the rising inclination of Singapore’s workforce towards job mobility signals a critical juncture for both employees and employers.

The survey by Randstad sheds light on the shifting priorities of the modern workforce, emphasizing the need for businesses to adapt to these changes to sustain their competitive edge and maintain a motivated workforce.

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Employer says she felt “betrayed” that maid decided to marry Ang Mo boyfriend instead of renewing contract

SINGAPORE: A Singapore employer has stirred controversy online after she warned fellow citizens against employing younger foreign domestic workers, after her former helped decided to get married instead of renewing her employment contract.

Facebook user Gianna Kwan took to the Complaint Singapore page to register her unhappiness. She wrote: “Be more concern with ur maid. (My helper) suddenly doesn’t want to renew contract coz she said she wanted to get married.”

Revealing that her helper, who is in her 20s, declined her offer to “get married then come back work with us,” Gianna said, “she refused cause she’ll married ang moh which she met in Singapore.”

The employer added that she allowed her helper to be dressed however she pleased but didn’t know “she dressed nice cus she got angmoh boyfriend in sg.”

Instead of receiving support, Gianna was roundly criticised in the comments section of her post.

Several netizens urged her to “get a life,” asserting that she has no right to make such demands of her helper or cast aspersions on her character just because of who she is marrying.

Almost a hundred people liked Facebook user Yong Jun Lim’s comment, which said “You complain too much. Let people live their lives.”

Another commenter, Ramtei Chalthleng, questioned: “And what’s wrong with that? Can’t she get married without your permission? Let her live her life the way she wanted, you’ve no right to stop her. You also married why can’t she?”

One netizen, a domestic helper, shared her own experience of finding support from her kind employer when she fell in love with her boyfriend. Facebook user Gen Getigen Arancon wrote:

“I am proud maid here in Singapore, with a kind-heart Chinese employer, very considerate and generous human being, I’ve been working with them for 8yrs. I have an angmo Danish bf, my bosses allowed me to had a holiday with him everytime he visited me in Singapore.”

She added: “Why are you not happy if your maid decided to get married? Are you supposed to hostage her life just to work with you in a lifetime? C’mon. Be happy for her and support like my bosses did.”

Gianna decided to make a new post on the page to reiterate her views, instead of swallowing thr criticism.

In her second post, she recounted forgiving her helper for giving her boyfriend their address to send her flowers for Valentines Day this year. Asserting that her helper begged to keep her job, Gianna wrote:

“She begged us not to send her home then my husband told her not to have a bf and she agreed, even she said she’ll renew her contract. She said this 4months ago.”

Gianna added, “I was so happy cause finally I found suitable helper for my family, my baby also loves her so much.”

The helper invoked Gianna’s displeasure when she decided against renewing the contract and informed her employers of her decision this week.

Asserting that this is a “betrayal,” Gianna argued: “She should’ve told me 3/4months before so i can find another helper to get along with my girl before she left.”

Claiming that she doesn’t hate her helper, Gianna added: “Those who thinks that im jealous of her is totally wrong. Yes i agreed shes pretty and young if i were jealous i wouldn’t let her be whatever she is (dressed well, hair perm etc) also i let her come back at 10pm on her day off and let her go out during work hours as long as she take the kid with her.”

She ended her second post with a warning: “be careful with helper who is too smart, speak english very good and always dieting. Make sure don’t have high expectations like me.”

Gianna was, once again, slammed in the comments section. One Facebook user asserted: “Having a bf is her private life and basic right. You cannot interfere in that. She doesn’t like that and hence don’t want to renew the contract. The contract is only for employment and you are not buying her private life.”

The employer, however, asserted in a reply to this comment that her helper shouldn’t have given her “false hope.”

The commenter, like many others, told Gianna to just let this issue go.

Another netizen, a domestic helper, added: “You say you don’t hate her at all, but your actions show that what you say and what you do are two different things. If you were really nice to her and treated her well, I believe she wouldn’t have told you at the last moment that she’s not renewing her contract. Seeing your long list of complaints about her shows that you aren’t easy to get along with either.”

Urging Gianna fo move on, the helper said: “Since she decided not to renew her contract, let her go and you can go find a new helper. The next one might be better. However, even the best helper will leave if they encounter a sharp and harsh employer.”

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Singaporean slammed for body-shaming foreigner in Australia

SINGAPORE: A Singapore woman has been met with brickbats online after she posted a photo she took of a passerby in Australia and cast aspersions on the person because of the way she was dressed.

Facebook user Esther Lim took to the Complaint Singapore page to express her distaste with the way a stranger she spotted in Perth, Australia was dressed. The stranger, who was clearly unaware that she was being filmed, was wearing boots, leggings, and a sports bra.

Revealing that she is a Singaporean overseas, Esther wrote that the stranger she saw was “walking the street showing off her body stomach hips in the winter cold weather”. Commenting that “all the western people keep going near the Asian people,” in what appears to be a xenophobic tone, she added: “…this type of people the brain wire spoilt already.”

Instead of receiving support, Esther drew intense criticism online.

Several Singaporeans slammed her for being a “kaypoh,” or busybody, accusing her of being unnecessarily intrusive and disrespectful by filming the stranger without her consent and making such derogatory comments.

Facebook user Fuchsia FS said, “This is not right, posting her picture, describing and talking behind her,” while another commenter, Abby, added: “That’s bloody rude of you to take a photo of her in order to mock her.”

The fact that Esther dared to comment on a foreigner in their own country did not sit well with some netizens. Facebook user Valerie Woo pointed out: “If you are in HER country you respect HER way of life. Not the reverse.”

A number of netizens also quipped that Esther is the one who needs help, not the stranger. Facebook user Parzival CT said: “I think YOU are the one ‘brain wire spoilt’. Please keep your thoughts to yourself. She can wear whatever she likes.”

Another netizen Yong Yi Ning added, “Who are you to call out someone’s outfit when you are in their land? Angmo don’t see it as a problem, why should you?”

One commenter, Alexanlea Rodriguez, quipped, “U went abroad just to judge people’s way of dressing? Such an expensive kaypo u are,” while another individual, Colin Samuel Lim, questioned: “Go other country respect other people la , that’s so basic. How will it be if a foreigner mock you here?”

Several netizens urged Esther to mind her own business and to refrain from posting on the group if she has nothing valuable to contribute. Some also warned Esther that she may get into trouble with such posts.

Facebook user Masan Kosaka cautioned: “In the worst case scenario you can be arrested for molester behavior by taking a woman’s picture depending on that country’s law.”

Criticizing someone for their attire, especially in a different cultural context, shows a lack of respect and understanding of diverse perspectives on self-expression and body image. What may be considered inappropriate or unconventional in one culture might be perfectly normal in another.

Regardless of Esther’s motivations behind her post, it is clear that Singaporeans largely uphold respect for personal choices, affirming that everyone has the right to present themselves as they wish without fear of judgment or ridicule.

Top cities to launch your career: Why location matters

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Job hunting can be gruelling, but your decision-making isn’t over even after landing an offer. The city where your job is located can significantly impact your finances and overall satisfaction.

“Before you say ‘yes’ to a job, it’s essential to understand the cost of living in another city, especially if your current location is more affordable,” says career strategist Ana Goehner.

A new WalletHub report analyzed over 180 U.S. cities based on 26 metrics, including entry-level job availability, unemployment rates, average starting salaries, and housing affordability. The findings reveal the best and worst cities for young professionals.

Top cities for young professionals

Atlanta tops the list, boasting high median income growth, abundant job opportunities, high job satisfaction, a strong average starting salary of $4,342 per month, a vibrant atmosphere, and appealing entertainment options.

Other top cities include Orlando, Florida; Salt Lake City, Utah; Tampa, Florida; Pittsburgh, Pennsylvania; Portland, Maine; Charleston, South Carolina; Austin, Texas; Miami, Florida; and Knoxville, Tennessee.

Challenging cities for new professionals

Conversely, New York City ranks last due to its high cost of living, lack of affordable housing, and few entry-level job openings. “The high cost of living and lengthy commute times make it particularly challenging for recent graduates.”

For example, Emiko Powers, 24, an assistant at NBC in New York, initially earned $18.50 an hour and struggled to afford rent. “Living in New York is more convenient if you have a lot of money,” she says, noting the toll on her well-being from the financial strain.

Other difficult cities include Detroit, Michigan; Yonkers, New York; Santa Clarita, California; Pembroke Pines, and Florida, Connecticut.

Choosing the right city for your job can significantly influence your career growth and quality of life. Make informed decisions to ensure your new job is a stepping stone to success, not a financial burden.

Cover Photo: Depositphotos

Source:

New Data Reveals the Absolute Worst U.S. City to Begin Your Career

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The post Top cities to launch your career: Why location matters appeared first on The Independent News.

Biden bounces back, optimism amidst 2024’s polling turmoil

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After enduring months of grim polling in the 2024 election race, President Biden bounces back and finally has a glimmer of hope.

Early indicators show a shift in the swing states, where former President Trump previously seemed poised for a decisive victory. Trump’s 34 convictions in his hush-money trial may have started to tilt the scales.

Five national polls conducted after Trump’s conviction show either no change or a slight uptick in Biden’s favour. A recontact survey by The New York Times/Siena College found that the race moved from Trump leading by 3 points to Trump leading by just 1. Although this type of study isn’t fully representative, it’s a notable trend.

Biden bounces back

Interestingly, a Reuters/Ipsos poll revealed that while most Republicans remain loyal to Trump, 10% of Republicans and 25% of independents are now less likely to vote for him. The Washington Post described the polling shift as “small but evident” towards Biden.

It’s still early days, and the full impact of Trump’s legal woes on the race remains unclear. Most voters seem unchanged by the conviction. Fresh polling from key swing states is still needed to paint a clearer picture. Before the conviction, Biden was trailing Trump by about 5 points in pivotal states like Arizona, Georgia, and Nevada, and by 6 points in North Carolina.

Biden trails Trump by less than 2% in Michigan, Wisconsin, and Pennsylvania—critical battlegrounds where a shift toward Biden could tip the scales. Winning these states along with his strongholds from 2020 would give Biden the crucial 270 electoral votes needed for victory.

Biden’s biggest challenge comes from less-engaged voters, who are currently favouring Trump. However, he holds a lead among reliable, consistent voters, according to The New York TimesNate Cohn. Some of the voters drifting towards Trump include demographics traditionally loyal to Democrats, such as young voters and Black men.

While Biden’s position in the polls is weaker than it was four years ago, there remains a narrow but credible path to victory. His fate may rest on the Midwest “Blue Wall” and the swing states’ response to Trump’s legal issues.

Sources:

2024 polls: Biden gains a hair after Trump conviction

America’s Most Powerful Pollster Has Some Doubts

Small Shift Toward Biden After Trump Verdict

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The post Biden bounces back, optimism amidst 2024’s polling turmoil appeared first on The Independent News.

“Their kids are going to be fast” -Congratulations pour in as Shanti Pereira announces engagement with Tan Zong Yang

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SINGAPORE: It’s official—Singapore’s Sprint Queen Shanti Pereira is now engaged to her beau Tan Zong Yang. 

On Wednesday (Jun 12), Pereira surprised her fans by announcing her engagement with Tan Zong Yang, a former national sprinter turned lawyer, on Instagram, writing: “9/6/2024, in Stockholm. Cheers to your 30th, three years together, and the rest of our lives!!!!”

Alongside her message, Pereira shared three captivating photos of herself and Tan at the picturesque Drottningholm Palace in Stockholm, Sweden, which were beautifully captured by Singaporean Blogger Hailey Teo.

Photo: IG/ v_shantipereira
Photo: IG/ v_shantipereira
Photo: IG/ v_shantipereira

Timothy Yee, a fellow national athlete and a close friend of the couple, also took to his own Instagram to share in the couple’s joy. 

Yee’s post included a heartwarming video that captured the very moment of Tan’s heartfelt proposal to Pereira.

In the footage, Pereira was visibly surprised after she saw Tan holding an engagement ring and getting ready to kneel.

Her excitement was palpable, as she jumped up and down just moments before Tan asked the big question.

After she accepted, Tan slid the dazzling ring onto her finger, and they shared a warm embrace. To top it off, Tan also presented her with a bouquet of flowers.

Congratulations pour in for the power couple on Instagram and Reddit

From heartfelt comments to witty messages, people from all walks of life are joining in to extend their warm wishes to Shanti Pereira and Tan Zong Yang.

Under Pereira’s Instagram post, user rolandwintringer left a heartfelt comment, saying, “Congratulations! Sweetheart, keep speeding and winning.”

Another user, nelsontks, humorously wrote, “Grats. Now you can stop chasing each other.”

User Limcheebon also chimed in with a playful comment, “Kudos to Tan Zong Yang! Chasing after her must be damn tiring.”

Numerous entertainment personalities and athletes, including fitness instructor Tyen Rasif, long-distance runner Soh Rui Yong, radio DJ Jean Danker, actress Chantalle Ng, badminton players Terry Hee and Yeo Jia Min, actors Glenn Yong and Ben Yeo, and singer-songwriter Benjamin Kheng, also joined in expressing their heartfelt congratulations to the couple.

Meanwhile, over on Reddit, one user commented on the couple’s future, jokingly writing, “Their kids are going to be fast.”

Another stated, “When their son goes to NS, he can claim that his mother runs faster than everyone.”

One user also quipped, “Their kid will have the name: Sonic Tan.”

As reported by The Straits Times, Pereira is currently in Europe, preparing herself for the highly anticipated Paris Olympics scheduled to take place from July 26 to August 11.

Read also: Shanti Pereira injured; training for Paris Olympics to be reorganised

Ex-senator calls SQ321 compensation offer “insulting” while passenger deems it “an absolute joke”

Singapore Airlines’ (SIA) compensation offers to passengers who were on board the SQ321 flight that saw deadly turbulence last month has been deemed “insulting” by both a former senator as well as one of the families that took the flight.

The flight from London to Singapore led to one death and significant injuries among the 211 passengers and 18 crew on board. Reports indicate that the violent turbulence hurled individuals around the cabin, resulting in spinal cord, brain, and skull injuries.

In the wake of the incident, SIA has extended compensation offers to the affected passengers, with those who suffered minor injuries being offered $US10,000 each.

For passengers with serious injuries, the airline has proposed an advance payment of $US25,000 to address immediate medical needs, with further discussions promised for final compensation.

“Passengers medically assessed as having sustained serious injuries, requiring long-term medical care, and requesting financial assistance are offered an advance payment of $US25,000 to address their immediate needs,” the airline said in a statement, “This will be part of the final compensation that these passengers will receive.”

The compensation offers have been met with harsh criticism, in some quarters.

Former Australian senator and lawyer Nick Xenophon described the compensation as “mean and miserable,” arguing that the airline’s proposals fall short of international legal standards.

“The Montreal Convention which governs these incidents in the air – is very clear about what the caps are and what the damages ought to be,” Mr Xenophon told ABC Australia.

He added, “It’s very clear here that at the very least a seriously injured person should be offered first up – $US175,000 without any questions or liabilities being taken into account.”

One passenger, Keith Davis from Adelaide, echoed this sentiment. Mr Davis, whose wife Kerry Jordan sustained a severe spinal injury during the flight, condemned the airline’s offer as “beyond insulting.”

According to Mr Davis, his wife was thrown into the luggage doors and fell into the aisle, leading to life-altering injuries. The family was reportedly informed of the compensation offer through a Facebook statement from the airline.

“It is beyond belief — beyond insulting — it is an absolute joke — it’s not even worth discussing,” Mr Davis told ABC, highlighting the distress the offer caused his wife.

“I don’t know what [the offer] would cover – it doesn’t cover anything.” he added, revealing that his wife’s mobility has been limited to her arms, neck, and shoulders.

Aviation lawyer Peter Carter, meanwhile, advised affected passengers to seek legal counsel before accepting any compensation from the airline. He warned that passengers who accept the $US10,000 offer for minor injuries might inadvertently waive their rights to pursue further claims.

“Be careful what you sign is my advice, get legal advice from someone experienced in this area,” Mr. Carter told ABC, “People might think that they’ll get over what they’ve suffered but experience tells me that medical [professionals] need to evaluate these types of injuries so they know what they might face in the future.”

He also pointed out that the $US25,000 offer for serious injuries is merely an advance and cautioned that accepting the $US10,000 offer for minor injuries could lock passengers out of additional compensation.

“The people who sign up for the $10,000 offer are locked out, that’s the intention of it,” Mr. Carter said, “The insurer wants to get people out of the $200,000 damages column into the $10,000 damages column to minimise their overall payout.”

The debate over fair compensation may be more nuanced than it appears at a glance, with some observers considering the $10,000 offer for those with minor injuries as fair as it potentially exceeds what could be obtained through a lengthy legal process.

For these passengers, the offer might be generous, as legal claims for minor injuries might result in lower compensation when factoring in medical expenses, pain and suffering, and loss of income.

However, for passengers with serious injuries, the $10,000 flat offer could be a gamble.

Those with significant long-term impacts or higher potential claims might risk forfeiting substantial future compensation by accepting this initial amount. The caution advised by legal experts is likely aimed at those facing severe injuries, as settling quickly for SIA’s offer may preclude them from claiming further damages as their conditions evolve.

DBS targeting to grow wealth management assets to S$500 billion within next 2 years

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SINGAPORE: DBS Group has set an ambitious goal to increase its wealth management assets to S$500 billion (US$369.7 billion) by the end of 2026, reflecting its confidence in ongoing strong capital inflows, according to its Executive and Group Head of Consumer Banking Group and Wealth Management, Shee Tse Koon.

The bank, Singapore’s biggest bank and Southeast Asia’s largest by assets, reported a 23% increase in its wealth assets last year, reaching a record S$365 billion.

This growth is attributed to Singapore’s appeal as a financial hub due to its political stability, favorable tax regime, and supportive policies for establishing family offices and trusts. The nation has seen significant wealth inflows, bolstering its status as a safe haven in Asia.

DBS’s confidence in reaching its new target is underpinned by the bank’s current strong performance and Shee’s optimistic outlook for market recovery.

“I’m still growing … the market is actually kind of at the cusp of a recovery because rates are peaking so as rates come down, markets pick up,” Shee told CNA, expressing optimism barring any unforeseen “black swan” events.

Shee, who has been with DBS since 2016, also disclosed that DBS aims to double its client base of individuals holding at least S$1 million in assets by 2026.

Over the past two years, the bank has already expanded its affluent and high-net-worth clientele by over 50%. Wealth management has become a key revenue stream for DBS, contributing significantly to its financial performance. The bank reported record quarterly results last month and projected that its net profit for the year would surpass the previous year’s record.

Despite last year’s S$3 billion money laundering scandal, which led to stricter enforcement measures by Singaporean authorities, the influx of wealth into the country has remained strong. The number of family offices, which provide comprehensive portfolio management for the wealthy, has continued to rise, growing to approximately 1,400 in 2023 from around 1,100 the year before.

Addressing the impact of the scandal, Shee affirmed the robustness of Singapore’s anti-money laundering framework. “However, criminals will adapt their behavior, so we have to evolve with the new typologies of these criminals in order to be one step ahead of them,” he told CNA.

As DBS forges ahead with its expansion plans, its leadership remains confident that the bank will continue to capitalize on Singapore’s position as a premier destination for global wealth management, driving substantial growth in its assets under management over the next few years.

TISG/

Tipping culture in America: A closer look

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Many Americans have articulated frustration with the nation’s tipping culture. A recent survey from Bankrate reveals that about six in ten adults view tipping negatively, with 35% stating that the practice has gotten “out of control.” This sentiment is particularly pronounced as persistent inflation continues to strain wallets.

Ted Rossman, a senior industry analyst at Bankrate, highlights the growing prevalence of pre-entered tip prompts at food trucks and coffee shops. “I was even asked to tip once at a self-checkout machine at Newark Airport,” Rossman recalls. This phenomenon, often termed “tip creep,” has led to widespread tipping fatigue.

Despite the growing irritation, it’s crucial not to withhold tips when workers depend on them.

When tipping is optional

Etiquette experts emphasize that there are situations where tipping, while appreciated, is not obligatory. Here are five such scenarios:

Salaried and trade professionals

Tipping professionals like doctors, lawyers, teachers, plumbers, or cable technicians is unnecessary. “Not only would it not be expected, it would be highly unorthodox and very awkward,” says Thomas Farley, an etiquette expert known as Mister Manners.

Counter workers

Those working at counters typically earn a wage and don’t rely on tips. Even if the tablet suggests a tip, you’re not obligated. “When they turn that device around, it’s this glaring thing, and people feel shamed into tipping, but you don’t have to,” says Elaine Swann, a lifestyle and etiquette expert.

Open bars at events

At events with an open bar, the host usually covers the tip. Swann advises, “That tip would be included in what they’ve had to pay for the venue or to the bartending service.”

Double tipping

Avoid tipping twice for the same service. For instance, if you’ve already tipped a nail technician directly, there’s no need to tip again at the counter.

Service charges in restaurants

In cities with minimum wage requirements for tipped workers, some restaurants add a service charge to the bill. Swann suggests asking the server where this fee goes. If it’s distributed among the staff, your tipping duty is fulfilled. If not, consider leaving an additional tip for your server.

Handling poor service

Tipping should reflect the service provided. In one-on-one services like haircuts, if the service is poor, it’s acceptable to reduce or withhold a tip. In restaurants, Swann recommends a sliding scale: 20% for standard service, more for exceptional service, and no less than 10% for poor service, unless the server is at fault.

Understanding tipping culture

Tipping culture in America is undergoing scrutiny as more people question its boundaries and expectations. While it’s essential to support workers who rely on tips, understanding when tipping is optional can help navigate these increasingly complex social norms.

Cover Photo: Depositphotos

Sources:

Sick of ‘tip creep’? 5 times it’s OK not to tip, according to etiquette experts

What are the rules for tipping in America? A US traveller’s survival guide

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The post Tipping culture in America: A closer look appeared first on The Independent News.

Singapore overtakes Beijing as Asia’s top startup ecosystem

SINGAPORE: Singapore has emerged as Asia’s leading startup ecosystem, displacing Beijing from the top spot, according to the latest Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network.

In the 2024 GSER rankings, Singapore climbed to seventh place globally, up one position from last year, while Beijing slipped to eighth. This advancement highlights Singapore’s robust growth and strategic positioning in the region.

The report noted that Singapore’s startup ecosystem generated an impressive US$144 billion in ecosystem value between July 1, 2021, and December 31, 2023. This figure marks a 27% compound annual growth rate compared to the prior two-year period, reflecting the city-state’s economic vitality and innovation prowess.

Ecosystem value, as defined in the report, measures economic impact through the valuation of startups and the value of exits.

“Singapore’s ascent as the core of the Pan Asia Startup Ecosystem hub brings together visionary founders and investors to advance Deep Tech- and AI-driven innovations, cementing its position as a leading force in the region,” said Atsushi TaiTairco-founder and chairman of The Edgeof, and Managing Director of Mistletoe Singapore.

Singapore remains just behind Boston, which holds the sixth spot, but leads ahead of other major Asian cities including Seoul (9th), Tokyo (10th), and Shanghai (11th). Silicon Valley retained its top position as the best global startup ecosystem for the fifth consecutive year, with New York and London tied for second place.

The city-state’s ecosystem now boasts over 4,500 tech startups, supported by 400 venture capital firms, and 240 accelerators, venture builders, and incubators, as per the report’s findings. Despite the growing challenges faced by startups globally over the past year, Singapore’s ecosystem has continued to thrive, demonstrating resilience and adaptability in a competitive market.

The GSER report ranks the top 40 global ecosystems and identifies emerging trends shaping the startup landscape. Singapore’s continued rise reflects its strategic efforts to foster innovation, attract investment, and build a supportive environment for entrepreneurs.

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