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Singapore needs 260,000 foreign Talent, create more visa categories


Singapore
needs 260,000 professionals across Technology, Banking and Engineering. 

Nairametrics learns that its booming tech industry is a driving force behind its economic growth, and the rapid expansion of technology hubs has resulted in this workforce gap. 

Singapore is actively addressing the repercussions of the pandemic-induced departure of foreign workers by countering it with a surge of 260,000 new hires, compensating for the loss of 194,000 foreign workers during the pandemic. 

The impact of Singapore’s work visa regulations has been substantial in attracting and retaining skilled tech professionals.

The work visa options, streamlined application process and flexible eligibility criteria have positioned Singapore as an appealing destination for global tech talent. 

Work visa options 

The country has various work visa options  for foreign professionals, catering to different eligibility criteria and requirements. Key work visas for tech professionals include: 

Employment Pass (EP) 

Eligibility Criteria: 

  • Minimum monthly salary of SGD 5,500 (approximately USD 4,000) 
  • At least three years of relevant work experience 
  • Possession of a university degree or equivalent qualification 

Benefits: 

  • Right to live and work in Singapore for up to two years (renewable) 
  • Ability to bring family members to Singapore 
  • Tax exemptions for certain overseas income 

EntrePass 

Eligibility Criteria: 

  • Strong track record of entrepreneurial success 
  • Viable business plan with the potential for significant economic value in Singapore 
  • Investment of at least SGD 100,000 (approximately USD 73,000) in the Singapore-based business 

Benefits: 

  • Right to live and work in Singapore for up to two years (renewable) 
  • Ability to bring family members to Singapore 
  • Access to government grants and support programs for startups 

S Pass 

Eligibility Criteria: 

  • Minimum monthly salary of SGD 2,500 (approximately USD 1,800) 
  • At least two years of relevant work experience 
  • Possession of a relevant diploma or certificate 

 Benefits: 

  • Right to live and work in Singapore for up to two years (renewable) 
  • Ability to bring family members to Singapore 
  • Access to government-sponsored training programs 

These work visas provide diverse pathways for foreign professionals to pursue their careers in Singapore, with the most suitable option depending on their qualifications, experience, and salary. 

The demand for Tech professionals in Singapore 

The pandemic also resulted to the need of foreign workers witnessing an escalating demand for skilled professionals in various domains, including Software Developers, Data Scientists, Cybersecurity Experts, Artificial Intelligence (AI) Specialists, Fintech Professionals, IT Infrastructure Engineers, and Project Managers. 

This heightened demand is fueled by Singapore’s role as a regional tech hub, with the government’s emphasis on digital transformation, and the increasing adoption of technology across industries. 

To attract and bridge the skills gap in the tech sector, the Singapore government has implemented several initiatives: 

Streamlined Visa Application Process 

Simplified and expedited work visa application processes to facilitate quicker permissions for foreign professionals. 

New Visa Categories 

Introduced new visa categories such as the Tech@SG Pass and the Global Innovation Alliance (GIA) Partner Pass, providing additional pathways for tech talent to enter and work in Singapore. 

SkillsFuture Initiatives 

Launched the SkillsFuture program, offering funding and support for individuals to upgrade their skills, particularly in the tech sector, enhancing employability. 

Partnerships with Academia and Industry 

Forged collaborations with universities and tech companies to develop targeted training programs and identify promising tech talent.
(Nairametrics)

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