Many nations are starting to lay the groundwork for the next economic boom as the emphasis of the global economy increasingly changes to technology. Recruiting IT talent from across the world is one of these nations’ main strategies. Singapore unveiled new work visa regulations on Monday in an attempt to attract foreign talent as part of its efforts to guide economic development and hasten the nation’s recovery from the economic hardships brought on by COVID-19.
Pass for Overseas Networks and Expertise (ONE)
To draw in the world’s top talent, the Singaporean government has relaxed immigration requirements. Overseas Networks & Expertise (ONE) Pass, a new long-term work visa that will enable employment for foreign nationals who do not earn the required minimum income, has been introduced by the government. The launch of the ONE pass is scheduled for January 1, 2023. To better recruit top talent and seasoned tech experts in industries where there is a shortage of competent labor, Singapore’s Ministry of Manpower announced four improvements to the country’s work permit system. Singapore’s prosperity as a global metropolis and commercial center, according to Minister for Manpower and Second Minister for Trade and Industry Tan See Leng, depends on the country being open and linked to the outside world.
Information on the Overseas Networks and Expertise (ONE) pass
The facts about the ONE pass are:
5-year work permit
Overseas Networks & Expertise Pass (ONE) is a customized 5-year work permit from Singapore which allows for flexible employment.
Monthly fixed pay
Candidates must make a set monthly wage of at least $30,000, which is on par with the top 5% of Employment Pass (EP) holders.
Freedom to work for many employers
Pass holders are allowed to open, run, and work for several businesses in Singapore at once.
Employment for dependents
The Overseas Networks and Expertise (ONE) pass, according to Singapore’s ministry of manpower (MOM), would also let the dependents of these highly-paid expats look for jobs in the city-state after getting a Letter of Consent.
Framework for Fair Consideration (FCF)
The Fair Consideration Framework (FCF) employment advertising requirement and the future Complementarity Assessment Framework will not apply to Pass holders. Before opening up positions to international applicants, jobs are first advertised primarily for locals under the Fair Consideration Framework (FCF) approach. The ministry said that the length of FCF ads, where appropriate, would be reduced in half to 14 days and that the processing period for all EP applications will be slashed from the current maximum of three weeks to 10 working days.
If the applicant meets the requirements for renewal, the Pass may be renewed once for a further period of five years.
Other qualified parties
People who don’t satisfy the wage requirements but have made great contributions in the humanities, sports, sciences, and academics are also eligible to apply for the long-term visa under ONE pass.
How would modifying the visa requirements benefit Singapore?
Singapore is working to revitalize its food and beverage and hotel sectors, which have seen sharp declines as a result of the COVID-19 pandemic’s social mobility restrictions. Singapore wants to compete with corporate hotspots like Hong Kong and the UAE by loosening its regulations for work visas. The highly elite foreign talent category is the focus of the new work visa regulations. Singapore hopes to draw a pool of top international talent in a variety of disciplines, including IT, science, and the arts, with the help of this proposal.
Effect on Africa
It is feared that the new visa regulations would further hurt the African IT industry. The goal of the continent to create a tech-based economy is being harmed more and more by talent emigration. The new Singapore visa regulations will certainly have an effect beginning in 2023, as many of Africa’s finest IT professionals want to go overseas for a better living or work remotely for international firms that offer greater compensation.