In line with this single guideline, the Fair Consideration Framework’s job advertisement requirement and COMPASS exemption threshold will be raised from S$20,000 to S$22,500 and the salary threshold for the Individualised Work Visa will also be raised to S$22,500.
Tan said Singapore continues to face a global shortage of skilled professionals and the local government believes the renewal will attract qualified professionals who wish to relocate to Singapore.
Singapore needs top talent to supplement the local workforce, so the NTUC supports the optimization of work visas,” said Tay Teck Guan, Assistant General Secretary of the National Trades Union Congress (NTUC), in a statement following the announcement.
But we also need to have appropriate safeguards in place to ensure that local talent in Singapore has a fair chance (of getting) a job, to level the playing field for local professionals, managers and executives (PMEs), and to maintain a strong and intact core Singapore workforce.
He added, “In addition, I believe the government will provide clear guidelines on the definition of top talent or publish a list of reputable companies that employ top talent to promote corporate responsibility. The government should also put in place measures to ensure that top expatriate professionals transfer and share knowledge with local Singaporean talent in order to promote Singapore’s talent development.”