Singapore focuses on sustaining its competitiveness in the economic landscape by not only grooming local talents but also through active acquisition of top talents.
Singapore (PRWEB) July 08, 2011
Singapore government, while nurturing the competency of the local talent by investing in building a world class education system and by institutionalizing continuous upgrading of skills, has also ensured a diverse workforce by attracting foreign talent of highest caliber. Singapore, deprived of all natural resources, long before had realized that building a strong human resource base is fundamental to developing a knowledge based economy to distinguish itself from the regional economies.
Notably, in a recent World Bank report on Malaysian economy, it was observed that Malaysia could receive 5 times the current rate of FDI if it has Singapore’s talent base. Another interesting testament to the Asian bellwether’s talent supremacy is the latest Global Innovation Index (GII) by INSEAD. Singapore has jumped up four places to third position in this year's GII. Singapore has the strongest overall performance and leads the region in specific areas, particularly human capital and research. Innovation and creativity can be nurtured only when the best of talents converge.
Singapore is not alone in attracting foreign talent. Even the country with the largest population in the world – China has recently launched “One Thousand Talents” in order to attract foreign research talent establish their base in China. The rush for talent is not limited to Singapore but rather a global phenomenon in order to sustain growth in a knowledge based economy where innovation and creativity is of greatest value.
Satish Bakhda of Rikvin Consultancy says, “The APAC region is witnessing an extreme growth period correspondingly there is an increasing war for talent in the region. Singapore focuses on sustaining its competitiveness in the economic landscape by not only grooming local talents but also through active acquisition of top talents. Today talents are invariably talents in transit, the globalization has opened up borders and exceptional talents cannot be held captive at a place but by providing a conducive atmosphere and opportunities, such top talent can be retained for a longer period thus diffusing skills and knowledge into the local pool. It intensifies the competition and propels the workforce towards higher productivity and excellence. Singapore has several schemes to attract foreign talent, but Personalized Employment Pass (PEP), rolled out in 2007, stands out among them”.
Satish further adds “PEP is targeted at high end foreign talents specializing in niche areas. The PEP is a special category pass which has a twin advantage of longer stay and autonomy, as the pass is not tied to a particular employer. Typically other employment passes are granted for a period of ranging between one and three years but with five years validity the PEP paves way for a longer stay and commitment. This is especially attractive to top caliber talent who do not like to be restrained by binders to a particular employer. It is such progressive initiatives that have ensured the diversity of the talent pool and elevate the city state’s potential for innovation and creativity”
About Personalized Employment Pass (PEP): PEP Singapore is a work visa which is issued to an individual based on his/her merit and an individual can apply for PEP in his individual capacity even before he has a job in Singapore. The PEP, which is issued for a period of five years, is not tied to a specific employer. The PEP pass holder can switch employers without affecting the status of pass, and is also entitled to stay in Singapore for up to 6 months in between jobs and review job opportunities.
A person drawing a minimum salary of S$7,000 per month, or a former holder P1 category pass, who is not unemployed for more than six months, current holders of P1, P2 and Q1 passes are eligible to apply for PEP. Current holders of P2 or Q1 should have a minimum work experience of 2 years and 3 years respectively on the pass type and a minimum annual income of S$34,000. Foreign graduates from institutions of higher learning in Singapore with at least two years of working experience on a P or Q1 category work pass and an annual income of at least S$34,000 are also eligible to apply. PEP is a non renewable pass.
Rikvin offers company registration and incorporation for entrepreneurs worldwide. Establish since 1998, Rikvin specialize in Singapore Company registration, Employment pass, Entrepass and related corporate services and has successfully helped hundreds of entrepreneurs form a Singapore company. Those wishing to embark on Singapore Personalized Employment Pass Programme application can contact Rikvin at http://www.rikvin.com.
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