Singapore's Unique Tripartite Model for Balancing Employers' Corporate Essay

Singapore's Unique Tripartite Model for Balancing Employers' Corporate Goals - Essay Example They are further capable of meeting the needs of the government to bring stability in the economy as well as prosperity. This is possible because of the five pillar approach followed by the firms in Singapore. The study tries to discuss the ways through which the National Trade Union Congress’ 5 Pillars is capable of addressing the issues faced by the firms. Table of Contents Executive Summary 2 Introduction to Industrial Relation 4 Objective of the Paper 4 Industrial Relations in Singapore 4 Issues in Employee Relation in Singapore 6 The Tripartite Approach 7 Unique Tripartite Features of Singapore 10 Conclusion 11 References 12 Bibliography 14 Introduction to Industrial Relation Industrial relation has been categorized as one of the fragile as well as complex issues of contemporary industrial society. It is to be remembered that a business is considered to be successful if there is purposeful cooperation between the labor and the management. The main objective of the sound i ndustrial relations is not only finding the ways for resolving the conflicts but also to maintain cooperation among the employees within the industry. It is to be remembered that it is not at all an easy task to maintain good industrial relations. ... f the study is to identify the industrial relations of Singapore and to identify the ways through which the country has been capable of maintaining efficient industrial relations in the firms. Five Pillars approach will be studied in depth and the study will try to examine the issues that can be effectively solved by five pillar approach. Industrial Relations in Singapore ‘Industrial relations’ in Singapore has been modeled after the West Australian model, offering a system of collective bargaining along with conciliation and arbitration. The two significant pieces of legislation administered the industrial relations of Singapore. They are Trade Union Act, the key role of which has been to grant acknowledgement to the trade unions as well as employers who are registered. The other piece of legislation has been Industrial Relation Act whose principle activities have been the identification of the rules in order to carry out the negotiation and development of the Industria l Arbitration Court (IAC) for the purpose of investigating the disputes and certifying agreements. The system was being operated in a fair way. The bargaining demands made were fulfilled by the unions upon the employer in case the negotiation started. After the completion of the agreement successfully, the agreements were passed on the IAC for the purpose of selection and certification. In case the agreement was not realized, the matter was forwarded for the purpose of conciliation. If the conciliation was not effective enough, matter was referred to the IAC for the purpose of arbitration. Whatever decision the IAC would have arrived at, would be considered as final. The workers were paid with ex gratia bonuses by the employers. The bonus payments were quite unconditional and were rarely attached