Singapore seeks ‘quality over quantity’ when it comes to foreign workers, trade minister says
- 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
“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.”
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”.
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.
“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.”