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Singapore traditionally has one of the lowest unemployment rates among developed countries. The unemployment rate did not exceed 4% from 2005 to 2014, hitting highs of 3.1% in 2005 and 3% during the 2009 global financial crisis; it fell to 1.8% in the first quarter of 2015.The government provides numerous assistance programmes to the homeless and needy through the Ministry of Social and Family Development, so acute poverty is rare. Some of the programmes include providing between SGD400 and SGD1000 per month to needy households, providing free medical care at government hospitals, and paying for children's school fees. The Singapore government also provides numerous benefits to its citizenry, including: free money to encourage residents to exercise in public gyms, up to $166,000 worth of baby bonus benefits for each baby born to a citizen, heavily subsidised healthcare, money to help the disabled, cheap laptops for poor students, rebates for numerous areas such as public transport, utility bills and more.
Although it has been recognised that foreign workers are crucial to the country's economy, the government is considering capping these workers, as foreign workers make up 80% of the construction industry and up to 50% of the service industry. To keep an effective tap on the issue of immigration and to also attract foreign talents at the same time, the Ministry of Manpower (MoM) issues employment pass under three categories viz: P1 Employment.
Pass for those individuals with monthly earning of $8,000 and up, P2 Employment Pass for individuals with monthly earning of $4,500–7,999 and Q1 Employment Pass individuals with at least a monthly earning of $3,000.Globally, Singapore is a leader in several economic sectors, including being 3rd-largest foreign exchangecentre, 3rd-leading financial centre, 2nd-largest casino gambling market, 3rd-largest oil-refining and trading centre, world's largest oil-rig producer and major hub for ship repair services, world's top logistics hub.
The economy is diversified, with its top contributors – financial services, manufacturing, oil-refining. Its main exports are refined petroleum, integrated circuits and computers which constituted 27% of the country's GDP in 2010, and includes significant electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences sectors. In 2006, Singapore produced about 10% of the world's foundry wafer output.
Singapore's largest companies are in the telecoms, banking, transportation and manufacturing sectors, many of which started as state-run enterprises, and has since been listed on the Singapore Exchange, including Singapore Telecommunications (Singtel), Singapore Technologies Engineering, Keppel Corporation, Oversea-Chinese Banking Corporation (OCBC), Development Bank of Singapore (DBS), United Overseas Bank (UOB). In 2011, amidst the global financial crisis, OCBC, DBS and UOB were ranked as the world's 1st, 5th, 6th "strongest banks in the world" respectively by Bloomberg surveys.
The nation's best known global brands include Singapore Airlines, Changi Airport and Port of Singapore, all three are amongst the most-awarded in their respective industry sectors. Singapore Airlines is ranked as Asia's most-admired company, and world's 19th most-admired in 2015, by Fortune's annual "50 most admired companies in the world" industry surveys. It is also the world's most-awarded airline, including "Best international airline", by US-based Travel + Leisure reader surveys, for 20 consecutive years. Changi Airport connects over 100 airlines to more than 300 cities. The strategic international air hub has more than 480 "World's Best Airport" awards as of 2015, and is known as the most-awarded airport in the world.
Tourism forms a large part of the economy, with over 15 million tourists visiting the city-state in 2014. To expand the sector, casinos were legalised in 2005, but only two licenses for "Integrated Resorts" were issued, to control money laundering and addiction. Singapore also promotes itself as a medical tourism hub: about 200,000 foreigners seek medical care there each year. Singapore medical services aim to serve at least one million foreign patients annually and generate USD3 billion in revenue. In 2015, Lonely Planet and The New York Times listed Singapore as their top and 6th best world destination to visit respectively.Singapore is an education hub, with more than 80,000 international students in 2006. 5,000 Malaysian students cross the Johor–Singapore Causeway daily to attend schools in Singapore. In 2009, 20% of all students in Singaporean universities were international students – the maximum cap allowed, a majority from ASEAN, China and India. Singapore gained independence as the Republic of Singapore (remaining within the Commonwealth of Nations) on 9 August 1965 with Lee Kuan Yew as the prime minister and Yusof bin Ishak as the president. Race riots broke out once more in 1969. In 1967, the country co-founded the Association of Southeast Asian Nations (ASEAN). Lee Kuan Yew became Prime Minister, and the country moved from Third World economy to First World affluence in a single generation. Lee Kuan Yew's emphasis on rapid economic growth, support for business entrepreneurship, and limitations on internal democracy shaped Singapore's policies for the next half-century. Further economic success continued through the 1980s, with the unemployment rate falling to 3% and real GDP growth averaging at about 8% up until 1999. During the 1980s, Singapore began to upgrade to higher-technological industries, such as the wafer fabrication sector, in order to compete with its neighbours which now had cheaper labour.