Singapore is reforming visa rules to attract foreign workers and ease labor market restrictions that are contributing to wage and price pressures.
Singapore's Ministry of Manpower said the new rules will allow foreigners who earn at least 30,000 Singapore dollars (US$21,431) per month to obtain a work permit for five years, provided that their dependents are allowed to search for work. .
Exceptional candidates working in the sports, arts, sciences and academic sectors who do not meet the salary criteria are also allowed to obtain a long-term visa under the so-called Experience and External Networking Program that takes effect on January 1.
"Both companies and the skilled are looking for safe and stable places to invest, live and work in. Singapore is such places...so it is time to take advantage of this opportunity to cement Singapore's position as a global hub for skills," Manpower Minister Tan Si Ling told reporters on Monday. .
It is noteworthy that the announcement is the latest in a series of decisions this year aimed at tackling the still tight labor market, in addition to attracting international companies to advance Singapore's ambitions as a global financial center, after the epidemic-era stagnation in high-level foreign workers.