A declining birthrate can have negative implications for economic growth. Fewer births lead to a smaller future workforce, which is essential for maintaining and advancing the country’s economy. This reduction affects all areas of a nation, from a smaller number of workers available to drive economic production in the workplace to fewer individuals at home to support and care for the elderly and children.
A declining birth rate also leads to an ageing population. To support this demographic shift, it is crucial for countries to attract foreign workers who are interested in living and working there, without necessarily planning to retire there. This approach enables a country, especially developed nations, to benefit from the labour these foreign workers provide. This way, countries enjoy the best of both worlds as they reap the economic benefits that these foreign workers provide, without being the ones that are spending to raise and educate them during their youth or having the long-term responsibility of supporting them during their retirement.
With Singapore’s resident total fertility rate at 0.97 as of 2023, it’s more important than ever that our country can attract the right foreign workers to boost our labour force and economic output.
Increasingly, we compete with other developed nations to attract foreign workers. For example, many countries, such as Japan, have introduced digital nomad visas to entice workers to relocate to their countries temporarily. Others, like Hong Kong (Top Talent Pass Scheme), Australia (Global Talent Independent Program), and the United Kingdom (Global Talent visa), offer visas for highly skilled and/or high-income earners who wish to relocate to work in a country for a longer period of time.
While Singapore doesn’t currently offer a digital nomad visa, a few other work passes are available, particularly for a specific group of top talent.
For Business Owners: EntrePass For Foreign Entrepreneurs Looking To Start A Business In Singapore
Eligible foreign entrepreneurs looking to start and operate a venture-backed or innovative technology-based business in Singapore can apply for EntrePass. The pass allows them to do so. The new pass and first renewal last one year, with subsequent renewals lasting two years. They can also apply for passes for eligible family members.
For Top Talents: Overseas Networks & Expertise Pass (ONE Pass)
Introduced in 2023, Singapore’s ONE Pass is a strategic initiative to attract top-tier global talent to bolster the country’s economic landscape. This special type of work pass is designed to cater to high-earning executives, established business leaders, and top professionals across various fields.
To be eligible for the ONE Pass, individuals must demonstrate a fixed monthly salary of at least $30,000 from their overseas employment or expected salary in Singapore. However, notable achievers in sectors like arts and culture, sports, science and technology, and academia may be granted the pass even if their salaries do not meet this threshold.
One of the ONE Pass’s most distinctive features is its flexibility. Unlike other work passes, it does not tie its holders to any specific employer. This allows workers to switch jobs or even start their own businesses in Singapore without the need to reapply for a new work permit, offering a high degree of professional mobility.
Additionally, the pass holders can sponsor their family members, including spouses and children, to join them, enhancing its appeal.
The ONE Pass is valid for five years and can be renewed, provided the holder meets the eligibility requirements. This policy underscores Singapore’s commitment to making the city-state a vibrant hub for global talent by offering an attractive and conducive environment for high-skilled individuals to live and work.
Read Also: Guide To Singapore’s Overseas Networks & Expertise Pass (ONE Pass)
For Existing Employment Pass Holders: Personalised Employment Pass (PEP) For High-Earning Existing Employment Pass Holders
While many foreign professionals working in managerial, executive or specialised roles are on an Employment Pass (EP) in Singapore, the limit of an EP is that it’s only tied to an employer.
On the other hand, the Personalised Employment Pass (PEP) allows foreign professionals to accept and hold a job in any sector without the need to reapply for a pass if they change jobs. The pass also allows them to stay in Singapore for a continuous period of up to 6 months without a job so that they can search for new employment.
It’s worth noting, however, that the PEP can last up to three years and can only be issued once, with no renewal.
The War For Global Talent Will Intensifies
As the global competition for skilled professionals intensifies, it becomes increasingly important for countries to review and enhance their work visa policies regularly. This is a crucial step for nations that aim to maintain a competitive edge, ensuring that they have the capacity to attract and accommodate the exceptional talents they seek.
Read Also: Why Singapore Employers Need To Be Prepared For An Older Workforce
Subscribe To The DollarsAndSense Business Pass
Enjoy what you are reading and want more? Join The DollarsAndSense Business Pass and unlock access to valuable tools, exclusive networking opportunities, and tap into the wisdom of industry experts to fuel your business expansion!
