Heavy Foreign Worker Shortage Felt

15 Jan 2013

The rising business costs are making Singaporean businessmen a worried lot. They have a wish-list. Prominent in the list is increasing rental cost which they want reduced to manageable levels.

Half the businessmen surveyed by the Institute of Certified Public Accountants of Singapore have bemoaned that employee shortages were hitting their businesses hard. Small and Medium Enterprises would like to have cash grants. Some of them would want the Job Credit Scheme to be revived.

Many suggested that the government should refine foreign worker policies to allow greater leeway to meet the unique needs of various industries. A quarter of the respondents said they had serious problems with meeting their staff shortages because of the reduction in the Dependency Ratio Ceiling and S-Pass quotas. As many as 62% said they had to heavily rely on foreign workers.

While a majority welcomed the productivity scheme, they said provisions should be tailor made to suit the needs of the professional and other sectors.

More than half the respondents indicated that double taxation deduction scheme was useful with respect to their internationalization activities. Over 70% wanted financial support and information about regulations and tax regimes in other countries as well as support while dealing with those nations.

The wish-list of the businessmen is likely to be incorporated in the coming budget of the city state.