However as cognitive science and genetics advances we may yet see say the legalisation of the use of IQ tests or other tools for employment screening. This would eliminate much of the services (and waste) associated with education. If a place like Singapore did this, it just might be a big enough economic boost that other nations might follow. (emphasis from quoter)

Given that the USA is the only nation I have reason to believe has banned (for all practical purposes) using IQ tests for employment screening there's something else going on as well. It's not like the Korean couldn't decide to hire school leavers based on their exam results, given that they already do that at one remove by hiring from universities that are ranked by prestige/average student points.