“This is a much-needed progressive step that fills the gap,” said Amit Gupta, president of TiE Singapore, the Singapore chapter of the Silicon Valley-founded global nonprofit that aims to build ecosystems of entrepreneurs. “Singapore seems to be really addressing the gap at the top end of talent, not only in terms of salary, but also skills. Talent, globally, is quite mobile and there are a number of competitive hubs trying to tap into that global talent.”
The rule change will help the city-state better compete with rival malls like Hong Kong and the United Arab Emirates and catch up with Australia and the UK, which have similar global talent visas. More than 700 finance professionals moved to Singapore from Hong Kong last year, according to recruitment firm Robert Walters.
This year, the UAE made it easier for expats to work without employer sponsorship, switching to a Saturday-Sunday weekend to align the country with global markets as it seeks to win more business, with Dubai positioning itself as a cryptocurrency. center.
Singapore has had to grapple with especially challenging labor market dilemmas as the nation lives with COVID-19 and the need to reload sectors such as hospitality and food and beverage that have suffered disproportionately amid social mobility restrictions that are ultimately they were cancelled.
The new rules are “aimed at the very high-end foreign talent segment,” said Selena Ling, director of Treasury Research. & Strategy in Oversea-Chinese Banking. “It’s not going to be significantly large amounts that will move the needle for all industries, just for very specific high-growth industries.”
Bloomberg
Leave a Reply