Flexible working projected to contribute $54.8b to Singapore economy by 2030: Study

Flexible working arrangements contributed an equivalent of 6.1 per cent of estimated 2017 national output, according to Regus.
Flexible working arrangements contributed an equivalent of 6.1 per cent of estimated 2017 national output, according to Regus.PHOTO: ST FILE

SINGAPORE - A study of flexible working in 16 key markets has found that the shift to this non-traditional working arrangement will raise its contribution to the Singapore economy to $54.8 billion by 2030, up from $27.3 billion currently.

Responding to The Business Times' query, Regus, a global workspace provider which commissioned the study, says the current contribution is equivalent to 6.1 per cent of estimated 2017 national output. It did not provide the percentage contribution for 2030.

Regus' press statement says 73,000 more jobs under flexible working arrangements are tipped to be created come 2030. Professional, business support, public administration, information and communication, financial and property services are projected to account for 83.5 per cent of the total value of the flexible working contribution to the economy by then.

Between 8 and 13 per cent of all employment will fall into the flexible working category in most developed economies by 2030, according to Regus.

"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 says.

These will contribute to flexible working's gross value add (GVA) to the economy. In Singapore, the expected jump in GVA is 89.8 per cent.

Regus says flexible working also helps individuals. Remote workers are twice as likely to say they love their job as those in the same industry working under traditional working arrangement.

The other markets covered by the study are Australia, Austria, Canada, China, France, Germany, Hong Kong, India, Japan, the Netherlands, New Zealand, Poland, Switzerland, the United Kingdom and the United States.