MI 2023 PU1 H1 Econs EOY questions and markers report

2 Question 1: Education in Singapore Table 1: Government Expenditure on Education in Singapore Year Expenditure on Primary schools (S$ Thousand) Expenditure on Tertiary education (S$ Thousand) 2012 1,946,159 3,846,318 2013 2,185,580 4,367,236 2014 2,263,510 4,170,881 2015 2,457,901 4,302,171 2016 2,563,211 4,569,272 2017 2,731,770 4,427,056 2018 2,823,567 4,608,243 2019 2,738,444 4,307,399 2020 2,674,257 4,155,545 2021 2,944,535 4,225,708 2022 3,165,939 4,285,779 Source: SingStat, accessed 12 September 2023 Extract 1: Benefits of education are societal and personal Education is associated with a wide range of benefits to both individuals and society. Education builds human capital as it increases individual’s capabilities, enhancing economic productivity and facilitating the development and adoption of frontier technologies. People with higher levels of education enjoy premium in employability and earnings. They are more likely to find employment, remain employed, learn new skills on the job, and earn more over their working life relative to those with lower levels of education. The economic benefits are not limited to individuals. Educated citizens earn more, pay higher taxes over a lifetime, and cost less for their governments in terms of social entitlements and welfare. Not only are the economic returns greater at the tertiary level, but growing evidence also points to the importance of high-quality early childhood education and care given its long- term social and economic benefits, such as supporting learning in later grades, increasing equity and social mobility, and reducing poverty. By fully recognising the power of education, policy makers could better address diverse societal challenges. Source: Adapted from OECD review, 29 November 2022 Extract 2: Rising demand for preschools but not enough teachers Young parents are increasingly sending their kids to infant care as they have limited alternative care arrangements for their child. Parents in the past used to rely on grandparents or domestic helpers to take care of the young babies. However, there is a trend of more grandparents returning to the workforce or pursuing their personal interests, and also a shortage in getting new domestic helpers into Singapore. With the continuous government investment in

2 developing the preschool sector, many young parents’ confidence in the infant care centres have also increased. In addition, many parents are returning to the workplace post-pandemic. These various reasons have drove up the demand for places at preschools and infant care centres. However, early childhood education centres may not have enough teachers t o cope with the better business. Early childhood education providers are actively recruiting teachers to meet the increased demand, dangling competitive pay packages and better welfare benefits. Beyond the standard qualifications, many early childho