Tag Archives: migration

Singapore Affirms Long-Term Goals to Cap Foreign Workforce Growth

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In a recent announcement, Singapore Deputy Prime Minister Tharman Shanmugaratnam affirmed that the Singapore Government is committed to its long-term foreign worker strategy, stating that no regression in policy is imminent. As expressed in the Budget statement, the government intends to cap foreign manpower growth to a third of its total workforce within the decade.

Addressing the manpower concerns of SMEs (Small and Medium Enterprises) during SPRING Singapore’s Business Excellence Awards ceremony last week, DPM Tharman emphasized that there will be no U-Turn in major policies. The government’s long-term approach is intended to avoid major disruption, even as it tightens its policies. By imposing deliberate and calibrated measures, the government aims to gradually shift businesses to a more productivity-led growth.

AsiaBiz Services, a Singapore work visa consultancy, commends the announcement. “This provides some much-needed clarity to the business community. The government’s stance on this issue sets some solid expectations on our part. With the certainty that the calibration of our foreign worker framework is here for the long haul, firms of all sizes should begin to plan accordingly and adapt to this new reality,” opined Mr. James Neuben, AsiaBiz Services Head of Taxation.

Further analysis by AsiaBiz revealed that the city-state’s foreign manpower policy has been a persistent issue for the private sector, as SMEs continue to express concern over their escalating manpower needs. The government’s major challenge then is to provide a balanced solution to the needs of the business sector, as well as the prevailing discontent among locals over the growth of foreign population and its effect on nationhood and quality of life.

Commenting on the scenario, Mr. Neuben added, “At this point, more companies should consider measures such as the Singapore Productivity and Innovation (PIC) scheme. Even as the government limits the inflow of Singapore work pass holders, the PIC scheme allows SMEs to access the necessary skills by investing in manpower development as well as productivity-boosting activities and machinery. In addition, firms are encouraged to institute a range of productivity strategies and incentives to progressively improve the quality of their workforce.”

Meanwhile, in an official statement, the Ministry of Manpower articulated that although Singapore’s long-term goal is a strategic shift to a productivity-focused economy, foreign manpower will still continue to be an essential component of the local workforce.

Related Topics :
Singapore Permanent Resident | Singapore Work Pass Types | Personalised Employment Pass

Singapore Global Investor Programme

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Singapore has emerged as one of the top thriving cosmopolitan cities in the world with a diverse culture and a vibrant economy. Given its political and financial stability, Singapore appeals to investors all over the world to invest both in the country and the economies in the Asia-Pacific region. A dynamic and rich city-state, it’s the chosen place for many to call it home.

If you would like to be a Permanent Resident of Singapore, download this guide to learn about the eligibility criteria and the investment options available to you.

Related Topics :
Incorporation of Singapore Companies

Who is eligible for PEP?

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The following groups of foreigners will be eligible for PEP:

  • Overseas foreign professional whose last drawn fixed monthly salary overseas was at least S$7,000
    The last drawn fixed monthly salary overseas should be no more than six months from the time of the application.

  • Former P1 Pass holders who are residing overseas
    Former P1 Pass holders should not be unemployed for longer than a continuous period of six months at the point of application.

  • P1 Pass holders
    P1 Pass holders will be accorded in-principle approval for the PEP upon application.

  • P2 Pass holders
    P2 Pass holders that have at least two years’ working experience on a P Pass. They should earn a fixed salary of at least $30,000 in the preceding year.

  • Q1 Pass holders
    Q1 Pass holders with at least five years’ working experience on a Q1 pass. They should earn a fixed salary of at least $30,000 in the preceding year.

  • Foreign graduates from institutions of higher learning in Singapore
    Foreign graduates from institutions of higher learning in Singapore with at least two years’ working experience on a P or Q1 Pass. They should earn a fixed salary of at least $30,000 in the preceding year.