[SINGAPORE] Singapore will remain 'open and connected' as a financial hub even as it tightens restrictions on foreign workers to protect local jobs amid the recovery from the coronavirus pandemic, Trade and Industry Minister Chan Chun Sing said. Read more at The Business Times.
, which could make it tougher for firms to hire foreigners over Singaporean applicants. Employment pass holders must now earn S$4,500 a month, up from S$3,900, and S-pass holders must meet a S$2,500 threshold instead of S$2,400.
Singapore's business community has been under pressure to maintain an appropriate balance of local and foreign workers.MAS would"intensify" its engagement with financial firmsMr Chan said officials are"quietly confident" in the city-state's economic recovery through year-end, with fiscal stimulus helping to support domestic consumption and enable businesses and workers to shift to new industries.
Even with the economy expected to improve from the record 13.2 per cent year-on-year contraction in the second quarter, officials have warned that retrenchments and business closures could continue to rise. The jobless rate hit its highest level in the second quarter since the global financial crisis more than a decade ago.
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