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SINGAPORE: Singapore’s foreign worker policies are shifting toward “quality rather than quantity,” but the country still welcomes foreign talent, Trade and Industry Minister Chan Chun said on Tuesday (September 8). Sing.
Chan, who spoke at a virtual forum hosted by Standard Chartered, noted that there has been a lot of talk on the issue of foreigners in Singapore, but said this scrutiny is not unique to Singapore.
“All countries facing an economic slowdown in (a) recession will have elements that challenge the balance between locals and foreigners in the labor market,” Chan said.
Singapore will continue to attract foreign talent “in a calibrated way” to create opportunities for Singaporeans, he added.
“Let me be clear. We want the best and the brightest in the world to be with the Singapore team, to increase our skills and capabilities, competing on our side rather than against us and ultimately to benefit Singaporeans, not to replace or damage them. “
READ: Food & Beverage, Retail & Construction Business Owners Raise Concern Over S Pass Qualified Salary Increase
ADDRESSING DISCRIMINATORY HIRING PRACTICES
Singapore announced last month that it will increase the qualifying salary for Employment Passes and S Passes for the second time this year.
The minimum qualifying salary for the new Employment Passes, which are for foreign professionals, managers and executives, has been raised by S $ 600 to S $ 4,500. The salary criterion is higher for applicants from the financial services sector.
For S Passes, which are for employees with medium qualifications, the salary threshold will be raised by S $ 100 to S $ 2,500 starting in October.
S Pass jobs will also be subject to the Fair Consideration Framework advertising requirement starting in October, which requires employers to post a job advertisement for at least 28 days.
READ: The qualifying minimum wage will increase by S $ 600 for Employment Passes and S $ 100 for S Passes, higher requirement for financial services
On Tuesday, Chan said Singapore’s foreign worker policies are moving towards quality rather than quantity, but it is not a sign that the country is rejecting foreign talent. Rather, it shows that Singapore is serious about discriminatory hiring practices, he said.
“All companies, regardless of size and nationality, will have to play our role in building Singapore’s workforce and giving Singaporeans a fair chance at the same job opportunities,” he said.
Screenshot of the Minister of Commerce and Industry Chan Chun Sing speaking on Singapore’s position as a global business center at a Standard Charted virtual forum on September 8, 2020.
“And we would also like to encourage all of our companies to have a diverse workforce, and not rely too heavily on any particular source of labor from any particular foreign country,” he added. “This is just part of good business continuity practices and will also help us in our social integration.”
“And this is how we will continue to keep Singapore relevant, as the preferred hub for Singaporean companies and international companies.”
FUTURE OF SINGAPORE AS A GLOBAL HUB
Delivering the forum’s keynote speech, titled Singapore, the Global Hub and Gateway to ASEAN, Chan spoke about how COVID-19 has changed the way companies do business and whether regional “hubs” are still needed. and global.
“In a more fragmented global economy, there will not be a single hub, but rather a series of key nodes in a larger network with other nodes that should be able to seamlessly connect to each other,” Chan said.
“For Singapore, our goal is to be one of these critical nodes in the global system, even if the world is headed for bifurcation or fragmentation.”
The country should not see itself as a “gateway”, serving as a place to trade, but as a “critical node” for businesses, as Singapore adds value to its supply chain, Chan said.
Investors choose Singapore because of qualities such as stable government, clear rule of law and transport connectivity, he said, adding that the authorities will work closely with the companies to develop their businesses in a “long-term and sustainable way.”
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READ: Singapore’s economy expected to shrink 6% this year as private sector economists lower forecasts: MAS survey
More than 750 foreign companies have established their regional headquarters in Singapore, Chan said, including the Japanese construction company Kajima Corporation, which last month began construction of its first overseas research center at Changi Business Park.
“We will continue to make Singapore the preferred hub for companies to connect and do business with Asia and the rest of the world,” Chan said, adding that one way to do so is to remain open to foreign talent.
Singapore will also continue to invest in transport infrastructure and business networks, train its workers and pursue “new frontiers of growth” such as biomedical sciences and agri-food technology.
“Our center status was established through the hard work and determination of our people, providing an enabling platform for companies to fulfill their regional and global ambitions,” Chan said.
“We do not take this for granted. We know that the competition is tough. If we don’t adapt to the changing nature of the way businesses operate, we will be easily bypassed. “
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