Contents - Singapore Business Federation

The National Wages Council had, in 2002, reiteratedthe need for continuing efforts to develop a wage andbenefits system that slides comfortably into theframework of the current evolving world economy.Singapore requires a more flexible wage system andthe implementation of the MVC (Monthly VariableComponent) should be hastened whenever it is possiblefor companies. In view of the constantly changingways of carrying out businesses, companies must beable to manage operating costs effectively, and beconscious of developments on the HR landscape interms of the dynamic Industrial Relations climate aswell as increasing instances of acquisitions, mergers,and re-structuring of companies.In striving to promote business opportunities andnetworking within the business community both inSingapore and abroad, and in working to representthe Singapore business community in multilateral,regional and bilateral business organisations toadvance Singapore’s interests in trade expansion, SBFhas embarked on many activities. Being the apexbusiness chamber in Singapore, SBF representsSingapore’s business interests in multilateral fora suchas the International Chamber of Commerce (ICC),APEC Business Advisory Council (APEC BAC), Asia-Europe Business Forum (AEBF), the Confederation ofAsia Pacific Chambers of Commerce & Industry(CACCI), ASEAN Chambers of Commerce & Industry(ASEAN CCI) and ASEAN Business Advisory Council(ASEAN BAC). At the bilateral level, SBF has beencoordinating various business councils like theSingapore-US Business Council, France-SingaporeBusiness Council and the Singapore-Korea BusinessRoundtable.been in response to a SBF survey of more than 3000members where 80 % indicated interest in a betterunderstanding of government policies, tradeinformation, labour issues, training programmes, financeschemes, and overseas missions/fairs etc. About 10,000participants from SBF member companies attendedthese events.SBF will continue to provide important and relevantservices to its member companies. It will continue toshare critical information and knowledge with ourmembers and ensure that member companies haveaccess to information that would increase opportunitiesfor their businesses.I look forward to your continuing support to furtherstrengthen Singapore businesses’ interests, both locallyand internationally. With support from all quarters ofthe business sector, I am confident that Singaporewould emerge stronger from this testing economicperiod.Chairman, SBFIn the first year since SBF’s inception , SBF had organizeda total of more than 50 major events and activities inorder to disseminate important business information toSBF members. These include briefings, seminars andtalks (on employment legislations, business opportunitiesin other countries, Free Trade Agreements,ERC recommendations and many other business topics)as well as dialogue sessions, conferences, and trademissions. The organization of the briefing events had