Local jobseekers will now get a shot in the arm when it comes to securing employment.
This was largely the sentiment echoed by senior HR professionals HRM Asia spoke to over the recent announcement by the Ministry of Manpower (MOM) that foreign professionals will need to be compensated at least S$3,600 from next January if organisations want to recruit them on EPs.
This will be an increase from the current S$3,300 salary.
Cheryl-Ann Szetoh, Associate Director for Commerce Finance in Robert Walters Singapore, said it is interesting to note that the increase in EP salary will be occurring during the current economic slowdown, along with MOM’s recent report that shed light on an increase in unemployment rate and layoffs.
According to preliminary estimates from the Ministry of Manpower’s (MOM) quarterly labour report that was released last week, the seasonally adjusted overall unemployment rate rose from 1.9% in March 2016 to 2.1% in June 2016.
Estimates also showed that the number of workers laid off in the second quarter of 2016 (5,500) rose from the previous quarter (4,710) and from a year ago (3,250).