SINGAPORE (The Straits Times/ANN): Manufacturing firms are concerned that the coming cuts in the S Pass quota for the sector will raise wage costs and lead to labour shortages.
SINGAPORE - The initiatives in Singapore s latest Budget will help keep the worst-hit firms afloat while supporting others in transforming and expanding, said experts at a roundtable discussion organised by The Straits Times and UOB on Wednesday (Feb 17).
They underlined that such initiatives are especially important as government resources are finite and will have to move towards helping growing firms to innovate and stay competitive.
They also noted that as the Jobs Support Scheme (JSS) tapers off, the Budget announced on Tuesday has introduced new measures to help businesses grow rather than return to the status quo.
Mr Douglas Foo, president of the Singapore Manufacturing Federation and vice-chairman of the Singapore Business Federation, said at the event: The Budget is able to target the short-term challenges that enterprises are facing, so it s very focused on some of those groups that are heavily impacted, like aviation and tourism, and at the same time. there are also ini
Company bosses and workers have to transform their mindsets to ensure their businesses keep up amid the upheaval caused by the pandemic, experts said at a Budget discussion.. Read more at straitstimes.com.
S Pass quota cut not a surprise, but manufacturing firms say they struggle to hire locals Toggle share menu
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A worker at a manufacturing facility in Singapore. (Photo: TODAY)
17 Feb 2021 08:37PM) Share this content
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SINGAPORE: The Government’s latest move to reduce the number of mid-skilled foreign workers that manufacturers can hire did not come as a surprise for industry players and observers.
But coping with the lower quota may not be easy, according to those in the industry, given ongoing difficulties in wooing locals and challenges of transforming amid a recession.
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Deputy Prime Minister and Finance Minister Heng Swee Keat announced on Tuesday (Feb 16) that the S Pass sub-Dependency Ratio Ceiling (DRC) for manufacturing will be cut from 20 per cent to 18 per cent from Jan 1, 2022, and to 15 per cent from Jan 1, 2023.