Hiring policies for foreign workers and expatriates have always been a hot button issue in Singapore. During Parliament’s first sitting on Aug 31, the robust debate on the tightening of both EP and S Pass criteria centred on two outcomes.
Firstly, to ensure that we safeguard jobs, strengthen the Singapore core and secure our future. Secondly, to ensure that Singapore remains an open hub for international business and global investments. To additionally safeguard Singapore’s reputation as a financial hub, MOM has, for the first time, set a separate salary criteria for the financial services sector, with new EP hires requiring a minimum qualifying salary of S$5,000 from Dec 1 onwards. This comes after the blacklisting of up to 30 financial and professional services firms for infringing hiring requirements.
While there are mixed feelings in the business community, the latest measures are a step in the correct direction, considering the two specific outcomes described above which the government is trying to achieve as we emerge from the current recession.
Mario Singh
Chief Executive Officer
Fullerton Markets
