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However, to add to the sense of uncertainty, Lee Hsien Loong, the prime minister, warned on Wednesday that turning inward would be a blow to the country during a record recession.
Calvin Cheng, a businessman from Singapore, said the country faced a “very delicate balance in the short term.”
He said: “You have to make sure that while you take care of your own citizens, companies also have access to the best talent to survive the recession. This need is even more acute for Singapore given that we are the most open economy in the world. “
Philippe May, managing director of Arton Capital, a financial advisory firm, said the current social environment and rising unemployment rates make companies more reluctant to hire staff abroad.
“The acceptability of foreigners, especially newcomers, may not be the same as it used to be,” he said.
“The government of Singapore is committed to keeping the country relevant internationally and for that some openness to immigration is needed, but they are aware that the rainy day has arrived and that, in general, Singaporeans should come first, for what they are walking a tightrope, “he said. .
Andrew Zee, leader of the financial services team at Selby Jennings, said that the new minimum wage laws are more likely to affect junior-level hiring, but that while the next few months would be “challenging,” companies were still looking for the best talents.
“We are seeing that the interest in hiring is returning again, the interviews are ongoing,” he said.
But the financial stress of the pandemic has raised underlying tensions between the local population and expatriate communities.
A recent Singaporean graduate told the Telegraph that “many of my peers and I are completely disillusioned with the government… We are completely at odds with the foreign population. At all times, citizens are at a disadvantage. There really is no prominent country that has such a high foreign population. “
Foreigners living in Singapore said that in addition to concerns about the shrinking job market, they also felt increasingly uncomfortable. One suggested that government phone alerts stating that new Covid-19 cases by visa category were fueling anti-foreign vitriol.
“Since July, the mood has changed dramatically against foreign workers,” said another British woman who did not want to be named. “My advice to anyone considering a custom move to Singapore would be: don’t do it, you have no rights here, they don’t want you.”
