Singapore seeks ‘quality over quantity’ when it comes to foreign workers, trade minister says
Bloomberg
Published: 11:04am, 28 Aug, 2020
Why you can trust SCMP
Advertisement
Singapore
will remain “open and connected” as a financial hub even as it
tightens restrictions on foreign workers
to protect local jobs amid the recovery from
the coronavirus pandemic
, Trade and Industry Minister Chan Chun Sing said.
New rules to limit
foreign worker visas
won’t affect Singapore’s status as a business hub, Chan said on Friday in an interview with Bloomberg Television. The city state is trying to attract higher-skilled workers and will remain open to foreign talent, he said.
“We are making a move toward quality rather than quantity,” he said. “We really want to create more space for people at the very top, but for those jobs that can be done by Singaporeans, it will not require that many foreigners within the country.”
As Singapore job market tightens and employment passes stricter, expats are feeling the squeeze
27 Aug 2020
Singapore on Thursday announced an increase in the minimum salaries for employment and S-pass holders, which could make it tougher for firms to hire foreigners over Singaporean applicants. Employment pass holders must now earn S$4,500 (US$3,293) a month, up from S$3,900, and S-pass holders must meet a S$2,500 threshold instead of S$2,400.
Singapore’s business community has been under pressure to maintain an appropriate balance of local and foreign workers. Monetary Authority of Singapore managing director Ravi Menon said last week the MAS would “intensify” its engagement with financial firms on their hiring practices in order to grow the “Singaporean core”.
Advertisement
Chan said officials are “quietly confident” in the city state’s economic recovery through year-end, with fiscal stimulus helping to support domestic consumption and enable businesses and workers to shift to new industries. Still, much of the outlook will depend on external demand, he said.
SCMP GLOBAL IMPACT NEWSLETTER
Uncover the most important stories from China that affect the world
SIGN UP NOW
By registering, you agree to our T&C and Privacy Policy
“We are quite happy with the progress that we have made so far,” Chan said. At the same time, “we can’t replace external demand with domestic stimulus.”
Even with the economy expected to improve from the record 13.2 per cent year-on-year contraction in the second quarter, officials have warned that retrenchments and business closures could continue to rise. The jobless rate hit its highest level in the second quarter since the global financial crisis more than a decade ago.
- Chan Chun Sing said Singapore’s new limits on foreign vises would not affect Singapore’s status as an ‘open and connected’ financial hub
- Singapore announced an increase in the minimum salary for employment and S-pass holders, which could make it tougher for firms to hire foreigners
Bloomberg
Published: 11:04am, 28 Aug, 2020
Why you can trust SCMP
Advertisement
Singapore
will remain “open and connected” as a financial hub even as it
tightens restrictions on foreign workers
to protect local jobs amid the recovery from
the coronavirus pandemic
, Trade and Industry Minister Chan Chun Sing said.
New rules to limit
foreign worker visas
won’t affect Singapore’s status as a business hub, Chan said on Friday in an interview with Bloomberg Television. The city state is trying to attract higher-skilled workers and will remain open to foreign talent, he said.
“We are making a move toward quality rather than quantity,” he said. “We really want to create more space for people at the very top, but for those jobs that can be done by Singaporeans, it will not require that many foreigners within the country.”
As Singapore job market tightens and employment passes stricter, expats are feeling the squeeze
27 Aug 2020
Singapore on Thursday announced an increase in the minimum salaries for employment and S-pass holders, which could make it tougher for firms to hire foreigners over Singaporean applicants. Employment pass holders must now earn S$4,500 (US$3,293) a month, up from S$3,900, and S-pass holders must meet a S$2,500 threshold instead of S$2,400.
Singapore’s business community has been under pressure to maintain an appropriate balance of local and foreign workers. Monetary Authority of Singapore managing director Ravi Menon said last week the MAS would “intensify” its engagement with financial firms on their hiring practices in order to grow the “Singaporean core”.
Advertisement
Chan said officials are “quietly confident” in the city state’s economic recovery through year-end, with fiscal stimulus helping to support domestic consumption and enable businesses and workers to shift to new industries. Still, much of the outlook will depend on external demand, he said.
SCMP GLOBAL IMPACT NEWSLETTER
Uncover the most important stories from China that affect the world
SIGN UP NOW
By registering, you agree to our T&C and Privacy Policy
“We are quite happy with the progress that we have made so far,” Chan said. At the same time, “we can’t replace external demand with domestic stimulus.”
Even with the economy expected to improve from the record 13.2 per cent year-on-year contraction in the second quarter, officials have warned that retrenchments and business closures could continue to rise. The jobless rate hit its highest level in the second quarter since the global financial crisis more than a decade ago.
