Singapores Plan To Change Immigration Rules For Skilled Foreign Workers

01 Mar 2013

Singapore’s plan to restrict flow of foreign skilled professionals has sent investors to frenzy and they are planning to quit the country. Singapore needs to device a visa scheme which would benefit the foreigners and as well as the locals. This move would ensure that the city state doesn’t lose its valued investors.

“If we are able to achieve our ambitious stretch target of 2-3 per cent productivity growth per year in this decade, and maintain overall workforce growth at 1-2 per cent, we can expect GDP growth to average 3-4 per cent up to 2020, though in good years, we may exceed that.”

 “Our members are concerned with the revision of government policies pertaining to the employment of foreign workers in Singapore and the resultant potential impact on the operations of foreign and local companies and the overall economy,”

If the workforce growth is restricted, Singapore’s GDP growth could stagnate or fall.

“Some business or industry associations would prefer it if we allowed the foreign workforce to grow as quickly as before. If we allowed this, our total population will grow well beyond 6.9m, and well beyond our physical capacity in 2030.

“We have sought to strike a careful balance in terms of workforce growth. We are not proposing to ‘freeze’, nor to continue with ‘business as usual’, and we are certainly not proposing to grow at all costs.”

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