ECONOMISTS welcomed the Manpower Ministry's move to tighten salary criteria for S Pass and Employment Pass (EP) holders, but bosses are concerned about the impact on costs, labour shortage and Singapore's competitive edge. Read more at The Business Times.
Suresh Shankar, CEO of software firm Crayon Data, noted that effectively reducing the foreign workforce in high-skill, knowledge-based industries would require building up the skills of the local talent pool in tandem with raising the salary requirements. Otherwise, companies will not be able to make the necessary changes to their workforce or handle the increased costs.
"Employers hire based on business needs, and the vast majority of employers are fair and responsible," said SNEF executive director Sim Gim Guan."The key is for Singaporeans to develop and gain relevant skills and experience to be able to take up these roles." But Whizpace will eventually need to resume its R&D activities, and Dr Oh said he would have no choice but to hire talent from overseas despite the higher costs.
They stressed that the revised criteria are meant to support local wages, rather than to drastically cut the size of the foreign workforce.
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