Sixty percent of Singaporeans with incomes above SGD12,500 (about $9,700) per month work for companies controlled by foreigners, according to a recent study.
According to a survey by the Ministry of Manpower, they account for over 20% of Singaporean enterprises and employ roughly one-third of the working-age population.
Financial banking buildings are pictured at Marina Business Financial Center district in Singapore on April 24, 2023. Photo by AFP
It went on to say that most local employees are employed by small and medium enterprises, which are boosted by the presence of foreign-owned corporations.
Bringing in foreign investments and the international talent they attract is crucial, according to the ministry, but only if done in a way that helps the local workforce thrive and creates good opportunities for Singaporeans.
In an effort to entice top talent from across the world and guarantee that companies employ qualified foreign workers, the Singaporean government has been implementing new policies in recent years.
For instance, in January 2023, Singapore will launch the Overseas Networks & Expertise Pass in an effort to entice world-class talent who can launch new businesses and open doors for Singaporeans.
