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Singapore needs 260K professionals in Tech, Banking, and Engineering.

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Singapore needs 260K professionals in tech, banking, and engineering.
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Wema Bank Alat

Singapore needs 260K professionals in tech, banking, and engineering.

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Its rapidly expanding technology clusters are the main driver of the country’s economic growth, and NewsReport finds that this workforce gap is the outcome of these hubs’ quick expansion.

Singapore is actively addressing the repercussions of the pandemic-induced departure of foreign workers by countering it with a surge of 260,000 new hires, compensating for the loss of 194,000 foreign workers during the pandemic.

The impact of Singapore’s work visa regulations has been substantial in attracting and retaining skilled tech professionals.

The work visa options, streamlined application process, and flexible eligibility criteria have positioned Singapore as an appealing destination for global tech talent.

Work visa options
The country has various work visa options for foreign professionals, catering to different eligibility criteria and requirements. Key work visas for tech professionals include:

Employment Pass (EP)
Eligibility Criteria:

Minimum monthly salary of SGD 5,500 (approximately USD 4,000)
At least three years of relevant work experience
Possession of a university degree or equivalent qualification
Benefits:

Right to live and work in Singapore for up to two years (renewable)
Ability to bring family members to Singapore
Tax exemptions for certain overseas income
EntrePass
Eligibility Criteria:

Strong track record of entrepreneurial success
A viable business plan with the potential for significant economic value in Singapore
Investment of at least SGD 100,000 (approximately USD 73,000) in the Singapore-based business
Benefits:

Right to live and work in Singapore for up to two years (renewable)
Ability to bring family members to Singapore
Access to government grants and support programs for startups
S Pass
Eligibility Criteria:

Minimum monthly salary of SGD 2,500 (approximately USD 1,800)
At least two years of relevant work experience
Possession of a relevant diploma or certificate
Benefits:

Right to live and work in Singapore for up to two years (renewable)
Ability to bring family members to Singapore
Access to government-sponsored training programs
These work visas provide diverse pathways for foreign professionals to pursue their careers in Singapore, with the most suitable option depending on their qualifications, experience, and salary.

The demand for Tech professionals in Singapore
The pandemic also resulted in the need for foreign workers, witnessing an escalating demand for skilled professionals in various domains, including software developers, data scientists, cybersecurity experts, artificial intelligence (AI) specialists, fintech professionals, IT infrastructure engineers, and project managers.

This heightened demand is fueled by Singapore’s role as a regional tech hub, the government’s emphasis on digital transformation, and the increasing adoption of technology across industries.

To attract and bridge the skills gap in the tech sector, the Singapore government has implemented several initiatives:

Streamlined Visa Application Process
Simplified and expedited work visa application processes to facilitate quicker permissions for foreign professionals.

New Visa Categories
Introduced new visa categories such as the Tech@SG Pass and the Global Innovation Alliance (GIA) Partner Pass, providing additional pathways for tech talent to enter and work in Singapore.

SkillsFuture Initiatives
Launched the SkillsFuture program, offering funding and support for individuals to upgrade their skills, particularly in the tech sector, enhancing employability.

Partnerships with Academia and Industry
forging collaborations with universities and tech companies to develop targeted training programs and identify promising tech talent.

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