Need help from any CSer who's knowledgeable in legal/labor law matters.

My employment contract states that "the Contract (Rights of Third Parties) Act 2001 shall not be applicable to this Agreement" (this agreement being my employment contract).

I found a link to this act here but I don't speak legalese: what does this act do, and is there any reason that my employment contract has the clause above? Or is this standard in Singapore employment contracts?