The Singapore government has revealed details on attracting foreign professionals as companies prepare for one of the biggest updates to their visa scheme, which will come into effect in September, as reported by Nikkei Asia.
The government has released a list of 27 jobs that will be favored in the point-based assessment process. These jobs show what Singapore expects from global companies as it looks to grow its economy after the global pandemic.
The COMPASS
The new scheme is focused on employers' contributions to the local economy, which will drive businesses to adjust their hiring strategy to Singapore's economic priorities.
Foreign workers in SG make up about a quarter of the total population. The new visa scheme will apply to Employment Pass (EP), a work visa for foreign professional managers, executives, or those in specialized jobs.
Starting on September 1, Singapore will introduce point-based criteria called the COMPASS, as per NewLandChase. COMPASS stands for Complementarity Assessment Framework, which will evaluate the extent to which an EP candidate complements the workforce in the country.
All EP applicants will undergo a three-stage scoring system-0, 10 or 20 points across four criteria: salary, qualifications, the diversity of the hiring company, and local staff ratios. For new applicants to qualify for an EP, they must reach at least 40 points. EP applicants for 27 jobs in six industries can get up to 20 bonus points.
The government is also seeking more AI and data scientists, cloud and cybersecurity specialists, and software developers as Singapore faces a tech talent crunch. Those experienced in the Information and Communications Technology (ICT) sector will be eligible for a longer five-year pass if they meet the eligibility criteria.
Singapore Economy
For the financial services sector, the country seeks investment advisers for high-net-worth individuals and family offices. On the other hand, Agritech talent is also needed with SG's plans to become Asia's food innovation hub.
The list will be reviewed every three years, but it can also be done annually if necessary. These review frequencies will help balance flexibility with certainty for businesses.
The new system will help ensure a strong core labor market and workforce diversity. Singapore has launched a new visa scheme prioritizing foreign talent specializing in artificial intelligence (AI) and alternative food-the new program. The move aims to boost innovation and economic growth in the city-state.
The government believes that attracting top talent in these fields can strengthen its position as a global innovation hub. This will boost the Asian country's economy, propelling it into new horizons. It will also create a more diverse labor market to strengthen its workforce.
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