COVID-19 became the 21st century pandemic that jolted and shook the entire world. The pandemic has changed our way of life, how we work, learn, the way we interact with people. Naturally, the employment scenario has also changed. Travel restrictions, economic downturn, everything had an impact on the job market. This has had a direct impact on demographics of the people who form the work force in Singapore. Businesses have been forced to increase reliance on locally available talent due to the travel restrictions and other factors in play.
All this has had a domino effect.
Hiring locals – Companies are cautious in hiring manpower due to weak economy especially during COVID-19. Singapore government is strongly encouraging companies to hire the locals. Many supporting measures were also put in place to facilitate companies in hiring locals. That could be a reason of many foreign companies are considering to relocate their business to Singapore. Read our article here.
Food for thought: For the existing EP and SP holders, the incentive to become a Singapore PR / Citizen is clear.
Change in workforce demographics – Many expatriates/foreign professionals decided to return to their home countries, this has created more job opportunities for Singaporeans and PRs.
Food for thought: Singapore government would want to retain those existing skilled foreign workers to fill the void. Read our article about: Singapore welcomes foreign talents. Is it the time to submit your Singapore Permanent Resident (PR) Application?
Does it mean that those who submit their Singapore PR / Citizenship application during this period stand a higher chance?
Stricter foreign worker measures and border controls – This has directly impacted the hiring of foreign workers. In addition, Singapore government has also gradually tightened the flow of foreign workers. In 2020, the qualifying salaries for S Passes and Employment Pass holders was also raised. Furthermore, the quota for foreign workers was cut for some industries. This has led to a decline in the number of foreign talents – S Pass holders decreased by 26,000 while EP holders decreased by 16,700.
Food for thought: For those foreigner talents who are currently residing in Singapore, does it mean that there will be fewer applicants applying for Singapore Permanent Residents?
It is a right time to put your thoughts into action. Take the leap as this is the silver lining to the pandemic situation.
Speak with our experienced immigration consultants, we will share our analysis of Singapore’s current micro and macroenvironment and update you on the latest new immigration policies and what they can mean to you.
Most importantly we provide you advice on the strategies best suited to your profile, to increase your chances of getting an approval when you apply for Singapore Permanent Residency and Citizenship.
What will you be expecting during your 1-1 private consultation with our immigration consultants?
Take your preliminary assessment here to calculate your eligibility.