Report by Shuchi Giridhar
On Monday, 29th August, new work visa rules were announced by Singapore.
For the first time in two decades, Singapore’s population has dropped. This is due to many of the international firms and companies leaving the country due to its tightly controlled borders during the pandemic. And these are measures to get back to normal.
A new 5 year visa, called the Overseas Networks and Expertise Pass has been enforced for people earning over 30,000 Singapore dollars per month. It will also apply to people who have extraordinary achievements in science and technology, academics, extracurriculars, or sports.
This allows professionals and high achievers to live in Singapore without having a job there first.
This visa grants the holder’s spouse the eligibility to work.
The new visa will be available from January 2023.
From September 2023, the current Extended Play scheme shall be altered.
Experienced professionals in technology will also be given the option to take jobs on the compass shortage list. The duration of the visa shall also be upgraded from the currently running 2 to 3 years to 5 years. The processing time for the work permit will also be shortened from 8 weeks to 10 days for quick response of companies.
This is among the many initiatives being taken by Singapore to be among the countries known as global talent hubs.
What is a talent hub and how does it help?
Think of a city like Bengaluru. If you are from another city, it is easy to get a house, find a school, and find other people who do not belong to the city, and want to make friends. Further, many IT companies have offices in Bengaluru, so it is easy to find another job.
For this reason, many talented and qualified professionals move to Bengaluru to work. Since its a central place (hub) where many talented people can be found, such a place is called a talent hub.
Great, but how does it help? Why does Singapore want to be a talent hub?
With qualified professionals, many new industries also develop. They need things, so markets develop, services develop, more houses and office buildings need to be built. Such people are likely to pay high taxes and follow the laws. This is the ideal population for any country, but especially for Singapore, which has to develop the economy in a small land are and has strict laws.