As a small trading port that has evolved into a leading regional commercial hub that is home to more than 7,000 MNCs, diversity and an open-door policy have done more good than harm to the economy.
Singapore (PRWEB) June 23, 2011
Janus Corporate Solutions, a leading Singapore company incorporation agency and the parent of http://www.GuideMeSingapore.com, welcomes the recently announced changes to the Singapore Employment Pass scheme that will take effect on 1 July 2011, acknowledging them as part of Singapore’s efforts to bolster its talent base for the benefit of the economy.
The Singapore government has consistently taken steps towards building a high-calibre workforce. In its most recent move, the Singapore government has decided to raise the minimum salary threshold for the Singapore Employment Pass - a work visa for highly-skilled foreign professionals. Under the new provisions, the qualifying pay thresholds for Q1, P2 and P1 employment passes will be increased from $2,500 to $2,800, $3,500 to $4,000 and $7,000 to $8,000 respectively.
Commenting on the adjustments, Ms. Jacqueline Low, the Director of Janus Corporate Solutions said, “As a small trading port that has evolved into a leading regional commercial hub that is home to more than 7,000 MNCs, diversity and an open-door policy have done more good than harm to the economy. The presence of a highly-skilled and cosmopolitan workforce has only attracted more foreign companies and entities with innovative ideas to establish their regional offices in the city. These companies in turn churn more employment opportunities for locals.”
GuideMeSingapore.com’s analysis of recent investment figures shows that Singapore has attracted S$12.9 billion investment inflows in 2010. The Singapore government expects to attract S$14 billion in fixed asset investments this year and anticipates the creation of 19,000 jobs. The availability of a highly-skilled, experienced and talented workforce is one of the factors that is driving foreign investments into the country.
Contrary to a prevailing perception that the recent changes to the Employment Pass schemes spell bad news to foreign applicants, Ms. Low opines that the revisions indicate that highly-qualified foreign professionals and entrepreneurs are welcome to work, set up shop, invest and live in Singapore. Moreover, the salaries of local PMETs (professionals, managers, executives and technicians) have increased due to market forces in recent years. Hence, on another level, the changes represent a logical measure to meet this trend halfway, ensuring that the playing field for local and foreign employees is levelled so that they can compete on equal ground. It also signals to employers to move away from hiring based on price and instead look to more high-calibre foreign PMETs who can make positive contributions to the economy.
“Securing and retaining the right talent is a crucial factor in the success of companies. By raising the salary threshold for the Employment Pass work visa schemes, the authorities are adopting a game-changing strategy to raise the productivity bar in Singapore. As such, these changes cement Singapore’s commitment to attracting and retaining a highly-skilled and diverse workforce. The presence of highly-skilled talent will give considerable leverage to Singapore’s already advantageous position in the region as a global city that continually attracts investments and companies to setup operations,” added Ms. Low.
About Janus Corporate Solutions Pte Ltd
Janus Corporate Solutions Pte Ltd is a Singapore-based firm that provides quick and cost-effective Singapore company formation services to small and mid-size businesses worldwide.