Budget 2021: Gov’t Welcomes Expats With “Right Expertise” To Complement S’porean Workers
In his 2021 budget speech on February 16, Deputy Prime Minister Heng Swee Keat noted that some Singaporeans are concerned about Singapore’s dependence on and competition from foreign labor. .
At the same time, he said companies are struggling to hire locals. Many have called on the government not to further tighten quotas for foreign workers.
Therefore, Singapore needs to strike a balance and “focus on strengthening the complementarity of local and foreign workforce”.
Foreign talent as a complement to locals
The government will also help support wage increases that allow businesses to retain or attract locals by extending the wage credit system for one year, at a co-financing level of 15 percent.
Companies were urged to use other programs to redesign jobs and upgrade the skills of their local staff.
However, the government will welcome expatriates with “the right expertise to complement Singaporeans” in new areas of growth.
Therefore, the capacity transfer program (CTP) will be extended until the end of September 2024.
The CTP is one of the many programs that support this transfer of skills from abroad to the country. By the end of 2020, more than 140 companies and more than 970 inhabitants have benefited or are expected to benefit from 40 projects.
“This will allow us to add dynamism to the local market, better serve international and regional markets and enhance Singapore’s attractiveness to global investors,” Heng said.
Featured Image Credit: The Independent Singapore
Budget 2021: additional S $ 5.4 billion allocated to all jobs and skills to boost local hiring
The Post-2021 Budget: Government Welcomes Expats With “The Right Expertise” To Complement S’porean Workers First Appeared On Vulcan Post.
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