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Overview of Singapore Standard Industrial Classification (SSIC) and Its Recent Revisions

The Singapore Standard Industrial Classification (SSIC) is a framework that aligns with the International Standard Industrial Classification (ISIC), tailored to meet local needs. A significant revision occurs every five years, with SSIC 2005 being the most recent edition. The upcoming SSIC 2010 is finalized after extensive stakeholder consultation and aims to reflect local industry nuances. Key changes include merging certain codes, the introduction of new classifications for emerging industries, and adjustments to align with local context across various sectors.

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Overview of Singapore Standard Industrial Classification (SSIC) and Its Recent Revisions

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  1. Singapore Standard Industrial Classification (SSIC)

  2. Singapore Standard Industrial Classification (SSIC) • Adopts • Basic framework and principles of the ISIC with modifications to meet national requirements • Similar hierarchical structure as the ISIC; most detailed classification is at 5-digit level

  3. Singapore Standard Industrial Classification (SSIC) • Revision of the SSIC • Once every 5 years • The SSIC 2005 is the ninth and most current edition • Consultation for SSIC 2010 began in mid 2008, with inputs received from major stakeholders and agencies with specialized knowledge in industries under their purview • SSIC 2010 is scheduled to be finalized in 2009

  4. Singapore Standard Industrial Classification (SSIC) Comparison between ISIC and SSIC Based on the review so far, some modifications are being considered for SSIC 2010 to suit the local context e.g. • Section A and B – Less details for Agriculture, Mining and Quarrying • Section C – No separate two-digit division for repair & installation of machinery and equipment

  5. Singapore Standard Industrial Classification (SSIC) Comparison between ISIC and SSIC (cont’d) • Section E – Combine codes for collection of hazardous and non-hazardous waste • Section G – Repair/maintenance of vehicles under Section S: Other Services instead of Section G: Wholesale and Retail Trade • Section H – No differentiation of inland and coastal/sea water transport

  6. Singapore Standard Industrial Classification (SSIC) Comparison between ISIC and SSIC (cont’d) • New codes for emerging activities e.g. - manufacture of biofuels - integrated resorts - hedge fund managers

  7. Singapore Standard Industrial Classification (SSIC) Issues • Government Statutory Boards which perform regulatory and other functions – basis for classification: VA, predominant function • Collective Investment Funds (ISIC 6430) – classification for funds where underlying assets is non-financial e.g. real estate, ships • Integrated Resort – hotel, casino, theme park, exhibition space

  8. Thank You

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