To protect local jobs amid the recovery from the coronavirus pandemic, the Singapore goverment decided to open their business as a financial hub.
But, also tightens restrictions on foreign workers to. From data known that the jobless rate hit its highest level in the second quarter since the global financial crisis more than a decade ago.
As quoted by Trade & Industry Minister Chan Chun Sing said, “Our new rules decided to limit foreign worker visas,” Chan said Friday.
As cited News24xx.com in an interview with Bloomberg Television’s Haslinda Amin, Singapore is also trying to attract higher-skilled workers and will remain open to foreign talent.
Before, Singapore announced an increase in the minimum salaries for employment and S-pass holders, which could make it tougher for firms to hire foreigners over Singaporean applicants.
During pandemic, Singapore’s business community has been under pressure to maintain an appropriate balance of local and foreign workers. Even with the economy expected to improve from the record 13.2% year-on-year contraction in the second quarter, officials have warned that retrenchments and business closures could continue to rise.