Connect with us

Hi, what are you looking for?

Economy

Singapore restricts flexibility for some foreign employees

Singapore is tightening restrictions on intra-corporate transferees, one category of workers brought from overseas offices of multinational corporations, the Straits Times reported.

Intra-corporate transferees are a common feature of free-trade agreements worldwide that, for example, allow professionals to move for short periods to set up offices or for temporary projects, the Straits Times said. Intra-corporate transferees pass holders make up less than 5% of employment-pass holders in Singapore.

The changes could reduce the number of dependents’ pass holders entering Singapore and send a stronger signal that multinational corporations need to give consideration to hiring locals before transferring in a foreign employee, the Straits Times said, citing observers of the situation. The developments could also discourage employers from applying for employment passes via intra-corporate transfers, the paper said.

Employment pass (EP) holders in Singapore declined 2% from December 2019 to June 2020, the paper reported, citing the Ministry of Manpower. EP holders need to earn a monthly salary of at least S$4,500 ($3,390).

Employers need to advertise on a government website for a minimum of 28 days before and give fair consideration to all local applicants before putting in an EP application. The advertising requirements do not apply if the employer has fewer than 10 employees, the fixed monthly salary for the role is S$20,000 and above, or the role is a short-term one not exceeding one month, according to the manpower ministry.

Among the changes to the foreign workforce that have been made recently:

• Transferees won’t be allowed to remain in the country for a limited period to find a new job if their work passes are canceled, while Employment Pass holders are permitted to remain for a short time if they meet specific criteria.

• Since November, intra-corporate transferees have been told they can’t bring family members to Singapore via dependents’ passes or long-term visit passes, though employment-pass holders can do so if they meet qualifying criteria, the paper said.

Joanna Ossinger/Bloomberg

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

There is growing concern that free, face-to-face advice which helps hundreds of thousands out of debt each year could be cut. New contracts from...

Investing

The Bank of England’s new chief economist has warned that UK inflation is likely to hit or surpass 5% by early next year. Huw...

Economy

By Luz Wendy T. Noble, Reporter  The Philippines expects to narrow its budget deficit, with the government having raised tax collections as of end-September amid a coronavirus...

Economy

The Philippine economy is expected to grow by 4.3% this year — slower than originally expected — due to recurring coronavirus infection surges in the region, according to the ASEAN+3 Macroeconomic...

Economy

By Luz Wendy T. Noble, Reporter The Philippine central bank sold P100 billion worth of 28-day bills on Friday, with rates slipping as it...

Economy

The Department of Health reported 5,823 coronavirus cases on Friday, bringing the total to 2.7 million.  The death toll rose to 41,520 after 283 more patients...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

Pfizer Inc on Wednesday raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $33.5 billion, and said it believes people will...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!