Singapore will remain “open and connected” as a financial hub even as it tightens restrictions on foreign workers to protect local jobs amid the pandemic recovery, Trade & Industry Minister Chan Chun Sing said.
The new rules to limit foreign worker visas won’t affect Singapore’s status as a business hub, Chan said in an interview with Bloomberg Television’s Haslinda Amin. The city-state is trying to attract more higher skilled workers and will remain open to foreign talent, he said.
“We are making a move towards 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.”
See: Singapore’s coveted expat jobs threatened by local hire push
On Thursday, Singapore announced an increase in the minimum salaries for employment and S-pass holders, which could make it tougher for firms to hire foreign workers over Singaporean applicants. Employment pass holders must now earn $4,500 a month, up from $3,900, and S-pass holders must meet a $2,500 threshold instead of $2,400.
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 assist businesses and workers to shift to new industries. Still, much of the outlook will depend on external demand, he said.
