16 August 2011

Foreign worker policy tightened in Singapore

PM Lee recently announced his policy to tighten the inflow of foreign workers in to Singapore and increase the income level of EP holders, that 2800 for Q pass holder. What is the impact to Singapore in its long term growth and how do we define this?

As a Singapore Permanent Resident (PR) and equity investor, I definitely hope that Singapore can achieve a sustainable growth in long term. One of my friends who is also a Singapore investor looks negatively on it's long term growth. He mentioned that Singapore previously relied on electric and electronic sector, and now it focus on bio medical as well as recreational sector such as the two casinos in Marina Bay and Sentosa. Singapore can only be an open city to welcome foreign direct investment as well as foreign talents to reduce the cost of production and remain competitive global market.

I worked in a multi national company - Phillip Capital for around 4 years, and it keeps the cost of operation lower by hiring foreign workers including myself. I do not see this as an issue as there are quite a number of talents who are willing to get a lower pay as compared to Singaporeans and their working attitude is even better as they always appreciate the company give them a chance to work in Singapore.

So I believe that the policy will definitely increase the competency of foreign workers and we hope that Singapore can achieve a better growth in long term.

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