Singapore, one of the global financial powerhouses, is facing an acute labour shortage, especially in the White Collar category. For the same, the blame can largely be pinned on Covid-19 shutdowns and the subsequent hurdles and, to an extent, the tight policy with regard to welcoming foreign workers for a while. However, now the problem of the shortage of skilled workforce has reached a crescendo, forcing the government to take some corrective measures to tide over the crisis. So, recently the Singapore government tweaked its work visa regulations to attract more and more skilled foreign professionals to the country’s labour market.
New Work Visa Rules
As per the changes in the rules, the foreigners drawing at least Singaporean $30,000 ($21,431) per month will now be allowed to possess a five-year work pass along with a provision to allow their dependents to find employment in the country. Also, candidates who happen to be exceptional in sports, arts, science and academia will be rendered eligible for the long-term visa even if they don’t fulfil the salary criteria under the so-called Overseas Networks and Expertise (ONE) pass, which will take effect from January 1.
Emphasizing the need for the present measures, Singapore’s Manpower Minister Tan See Leng said that Singapore is a safe and stable place to invest, reside and work, “It is therefore timely to leverage this opportunity to cement Singapore’s position as a global hub for talent.” The move is bound to help Singapore to lock horns with chief business hubs like the UAE and Hong Kong and also compete with the UK and Australia.
In the other initiative unleashed by the Singapore government to woo global businesses to its fold, tech professionals will also be allowed to seek five-year visas from September 2023. Till now, the visas for the category had the validity of only two to three years. Also, as per a Reuters report, the time consumed in processing the employment passes will be minimized to 10 days from the present three weeks maximum.
Will It Succeed In Its Endeavor?
The objective of Singapore through these measures is to reinvigorate its hospitality and food and beverage industries, which have suffered badly due to the Covid-led restrictions enforced to contain the deadly virus. Apart from this, the country also wishes to bring in more skilled people to maximize job opportunities in high-tech sectors. One can only hope that with these changes the country achieves what it set out to.
