Flexi-work to contribute $54.8b to economy by 2030: Study

The shift to more flexible working arrangements will bring significant boosts to the economy, according to a new study.

Regus, a global workspace provider that commissioned the study, said the current contribution of non-traditional ways of working is about $27.3 billion or 6.1 per cent of estimated 2017 national output.

It estimated this will rise to $54.8 billion by 2030, although it did not provide the percentage contribution.

Regus said 73,000 more jobs under flexible working arrangements are tipped to be created here by 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, which studied 16 key markets.

"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 said.

These will contribute to flexible working's gross value add to the economy.

In Singapore, the expected jump in gross value add is 89.8 per cent.

A version of this article appeared in the print edition of The Straits Times on October 18, 2018, with the headline 'Flexi-work to contribute $54.8b to economy by 2030: Study'. Print Edition | Subscribe