Singapore: pension system overview and reform directions

Abstract

In the city state of Singapore’s evolution from a low middle-income country when it became a republic in 1965 to an affl uent country by the fi rst decade of the 21st century, 1 a consistent characteristic has been its business location strategy. It has pursued this strategy skilfully to benefi t from global trade, technology, investments, and manpower fl ows. In the process, it has developed signifi cant economic partnerships with key economies and regions around the world. The main elements of the location strategy pursued by Singapore may be characterized as follows.