The media has recently focused on foreign talent policy (e.g. CECA) and immigration for various reasons. Singapore ministers have held discussions on Singapore’s jobs, livelihoods, and foreign talent policy during the parliament session. These issues are at the forefront primarily because of the numerous economic and travel restrictions in post-COVID 19.
As Singapore debates changing its foreign talent policy, it is becoming increasingly important to apply for Singapore PR, especially if you intend to live and work in Singapore for a long period of time. This begs the question: How will applying for Singapore PR help?
Read on as we delve into the importance of a Singapore PR application.
Singapore is a small country with no natural resources, but has made itself a global player by way of many other factors.
Singapore is ranked number one for a second consecutive year according to IMD's World Competitiveness Ranking 2020. Our success can be attributed partly to the practices Singapore adopted to make it a fairly open economy and thrived by staying open and connected globally. There are many indicators that show Singapore to be a global leader, including human capital, ease of doing business, and competitiveness.
It is not surprising that Singapore is so attractive to foreign talent since it provides decent living standards and a safe environment. This is the reason why Singapore has established a global talent pool. In addition to attracting MNCs to set up their operations locally, foreign talent brings economic growth to Singapore, and it provides employment for Singaporeans while encouraging a diversified social environment. Singapore also welcomes foreign talent because there aren't enough Singaporeans with the right skill set to fill all the vacancies in our economy.
Singapore, like most first-world or developed countries, has a low birth rate. In response, the government has made conscientious plans to find a solution. Our goal is to help Singapore maintain its growth and remain competitive internationally by combining and complementing local and foreign talents.
A survey conducted by the Institute of Policy Studies found that most Singaporeans and permanent residents believe immigration is generally good for the economy. There are also complaints that Singaporeans are losing their jobs to foreigners - however, this is not the case. Our PMET workforce comprises about 80% locals, and our unemployment rate has remained very low, and 9 out of 10 local fresh graduates were employed within 6 months of graduation! This is a notable improvement relative to previous years.
It’s important to keep foreign talent around because there are a lot more advantages than most people are aware of. Foreign talent can also transfer their knowledge to our local workforce, which helps us to remain competitive internationally. In the absence of such principles, many businesses may not be able to compete globally and we might even see multinational companies move their businesses elsewhere to find sufficient people with the necessary skills.
While foreign talent has long been recognized as being important to Singapore, a few questions have been raised recently by the media largely due to the economic turbulence caused by the pandemic, questions such as why Singaporeans aren't getting jobs because there are too many foreigners living and working in the country, etc. In parliament, this has sparked debates. All this suggests that more initiatives and steps will be taken to tighten the foreign talent pool and work permit requirements in the near future. New requirements, such as lowering quotas for EP or S Pass or increasing qualifying salaries, may be justified in the future.
HIn May 2021, MOM announced that all Dependant Pass holders are not allowed to work. Because of this scenario, Singapore PR chances may also be affected if there are changes to PR/Citizenship yearly quotas. Moreover, in the last election, the 4th generation leadership of our government stated that they are open to all opinions from Singaporeans, and they will take them into account when making decisions.
In order for Singapore's economy to remain competitive, our government needs to protect Singaporeans' interests while ensuring a balanced inflow of foreign talent. The government has taken many measures to ensure locals get priority for all job openings. In other words, if you are a foreigner who holds an EP or S Pass, attaining a Singapore PR or citizenship status will provide you and your family with a powerful sense of security and stability.
If you meet the eligibility requirements for Singapore PR, we strongly encourage you to apply as soon as possible so as to minimise the impact of a possible change in policy. The COVID-19 pandemic has also caused many people to reevaluate their understanding of what constitutes a safe nation. In contrast to other first-world countries or even our Asian counterparts, Singapore has managed the COVID-19 situation exceptionally well and ensured that the majority of our people are vaccinated.
Hopefully, this article will encourage you to take the leap to start applying for Singapore PR, and that it will inspire you to kickstart your journey. Contact our PR application agency to find out more about how we can take you through the PR application process.