[Singapore] Special work visa intended to attract global ‘rainmakers’

On September 12, Singapore’s manpower minister said a special work visa was intended to make the country competitive in attracting "the rainmakers of the world", as it seeks to balance the need for talent with local unease about expatriate workers, Business Standard reports.

The regional financial hub announced new rules a fortnight ago to attract expatriates earning at least S30,000 ($21,452) a month, offering them five-year visas that would automatically allow their spouses to work also.

Manpower Minister Tan See Leng told parliament that global talent would help Singapore develop sectors like sustainability, artificial intelligence or fintech, but it faced a challenge with other countries "playing an offensive game".

"When we are talking about top talent, we must be mindful of how global they are, and how stiff the competition is for them," Minister Tan said.

Australia, Britain and Germany have reportedly launched similar programmes and Malaysia and Thailand are also offering incentivised long-term visas for foreigners with specialist expertise who earn above a certain income threshold.

There has been discontent among Singapore’s local workforce about the number of foreigners employed in the country, with concern that too many well-paid jobs were being taken by expatriates.

The government has tried to assuage such concerns, emphasising that foreign talent lured to Singapore would help to "create a diverse range of opportunities for Singaporeans".

Minister Tan said Singapore would also develop its own talent and upgrade the skills of its workforce while giving Singaporeans global and regional exposure so they could accept leadership positions in global firms.

In May, the head of Singapore's central bank said the country's financial sector was creating more jobs than local staff could fill and warned a "Singaporean only" approach would be fatal for the country as a global financial centre.

Source: Business Standard

(Quotes via original reporting)

On September 12, Singapore’s manpower minister said a special work visa was intended to make the country competitive in attracting "the rainmakers of the world", as it seeks to balance the need for talent with local unease about expatriate workers, Business Standard reports.

The regional financial hub announced new rules a fortnight ago to attract expatriates earning at least S30,000 ($21,452) a month, offering them five-year visas that would automatically allow their spouses to work also.

Manpower Minister Tan See Leng told parliament that global talent would help Singapore develop sectors like sustainability, artificial intelligence or fintech, but it faced a challenge with other countries "playing an offensive game".

"When we are talking about top talent, we must be mindful of how global they are, and how stiff the competition is for them," Minister Tan said.

Australia, Britain and Germany have reportedly launched similar programmes and Malaysia and Thailand are also offering incentivised long-term visas for foreigners with specialist expertise who earn above a certain income threshold.

There has been discontent among Singapore’s local workforce about the number of foreigners employed in the country, with concern that too many well-paid jobs were being taken by expatriates.

The government has tried to assuage such concerns, emphasising that foreign talent lured to Singapore would help to "create a diverse range of opportunities for Singaporeans".

Minister Tan said Singapore would also develop its own talent and upgrade the skills of its workforce while giving Singaporeans global and regional exposure so they could accept leadership positions in global firms.

In May, the head of Singapore's central bank said the country's financial sector was creating more jobs than local staff could fill and warned a "Singaporean only" approach would be fatal for the country as a global financial centre.

Source: Business Standard

(Quotes via original reporting)