Highlights of Singapore Workforce Shortages
- Singapore hired 260,000 foreign workers to fill the workforce shortages.
- The severe rules made on overseas-worker visas have affected many industries.
- Honk Kong introduced the Talent-Pass Program in 2022, which offers a 24-month visa even if they don't have a job offer.
- Singapore is packing all the vacancies that were left by foreign workers during the pandemic.
- Reduction in hiring foreign workers by 194,000
- More sales and compliance specialists, engineers, software developers, product managers, and artificial intelligence specialists.
Details of Singapore Workforce Shortages
Singapore's immigration has become less difficult than before
The Accenture survey of 2021 reports that more than 50% are not being able to get work permits for foreigners. Recently, it has decreased to 37% because of the employment passes that are being released by Hong Kong. For this change, employers should thank Hong Kong. Honk Kong introduced the "Talent Pass Program" in 2022, which allowed foreigners to get 24-month visas even if they didn't have job offers. Last year, the city issued 100,000 work permits to foreigners.
Singapore is not able to reach the number that Hong Kong is doing. From the first quarter, Singapore has witnessed only $1 billion in number. This year, it witnessed a decline of $5.5 billion in 2021 and $2.6 billion in 2022. In the general elections of 2011, Singaporean voters sent a message that they require few foreign workers. However, the strict rules that were implied on worker visas have affected all industries.
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Singapore is filling all empty workforce shortages.
Now, Singapore is willing to fill all the shortages that were there from the pandemic. From July 2019-2021, there was a decrease of foreign workers by 194,000. In the last 24, it has grown by 260,000. More opportunities are given to sales and compliance specialists, engineers, software developers, product managers, and artificial intelligence.
The competition between Hong Kong and Singapore is still alive, and Singapore introduced a new points-based system for employment passes, which will earn bonus points. Singapore's fintech startups are still looking for foreign workers to increase the jump count by 40%.
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Web Story: Singapore to hire 260,000 foreign workers to fulfil the workforce shortages