Number of S Pass and Employment Pass holders moderates as companies adapt to new workforce regulations

Singapore's job market is changing. The number of S Pass and Employment Pass holders has gone down for two quarters in a row. This is because of new rules like COMPASS.

COMPASS is a system that gives points to foreign workers. Companies need enough points to hire them. The goal is to bring in skilled workers from other countries while also helping local workers.

S Pass rules have changed too. The pay needed for S Pass holders went up in most jobs. It's now $3,000 for renewals and $3,150 for new hires.

These changes are making a difference. The number of foreign workers with these passes is going down. At the same time, more local workers are getting good jobs.

But don't worry. This doesn't mean companies aren't hiring. In fact, some areas are growing. The government thinks this is a good sign.

Here's what's happening with jobs:

• More jobs overall
• More non-resident workers in some areas
• Slightly fewer resident workers
• More jobs in finance, tech, and professional services
• Fewer jobs in retail and admin work

The job market is tight. This means:

• More job openings than job seekers
• Low unemployment
• Few long-term unemployed people

Some people did lose jobs. About 3,270 workers were let go in the second quarter of 2024. But this is still a low number overall.

What does this mean for you? If you're looking for a job, you have a good chance of finding one. If you have a job, it's likely to be stable. The government thinks this will continue for a while.

Remember, Singapore wants to help both local and foreign workers. They're trying to find a balance. The goal is to have a strong workforce with both local and global talent.

Singapore is taking steps to improve the quality of its foreign workforce. The government has updated policies to ensure companies hire skilled workers who can boost productivity. These changes affect both S Pass and Employment Pass holders.

The Ministry of Manpower has raised qualifying salaries for these passes. This move aims to attract more talented professionals. You'll notice that the number of pass holders has decreased as firms adapt to new rules.

Key changes include:

• Higher minimum salaries for S Pass and Employment Pass
• Stricter criteria for pass approval
• Emphasis on skills and experience, not just salary

These updates push companies to:

1. Hire local talent when possible
2. Invest in training for existing staff
3. Bring in foreign workers who truly add value

The goal is to create a workforce that complements local employees. You'll see a focus on quality over quantity in foreign hires. This shift helps maintain Singapore's competitive edge while supporting local job growth.

Companies are now more selective in their hiring. They look for foreign talent who can transfer skills and knowledge to local teams. This approach benefits both businesses and the local workforce in the long run.

Singapore's job market is changing. Companies are hiring fewer foreign workers with S Passes and Employment Passes. This is because of new rules.

The number of S Pass holders grew by 5,900 in late 2022. Employment Pass holders increased by 11,300. These numbers are lower than before.

Why is this happening? Here are some reasons:

• Higher salary requirements for passes
• Limits on how many foreign workers a company can hire
• Push for companies to hire more local workers

S Pass holders now need to earn at least $3,150 a month. This is more than before. Employment Pass rules are stricter too.

What does this mean for you?

• If you're a local worker: You might have more job chances
• If you're a foreign worker: Getting a pass could be harder
• If you're an employer: You need to plan your hiring carefully

The job market is always changing. Keep an eye on the latest rules and trends. This will help you make good choices about work and hiring.

The job market remains tight in Singapore. You'll find more open positions than job seekers. For every unemployed person, there are about 1.67 job openings. This means you have good chances of finding work if you're looking.

Companies are changing how they hire foreign workers. They're bringing in fewer S Pass and Employment Pass holders. This is due to new rules and adjustments after COVID-19.

But don't worry - if you're a skilled worker, you may still have opportunities. As the economy grows, companies may hire more foreign experts again.

The job market stats show some interesting trends:

• Unemployment is low at about 2.1%
• Job vacancies are high
• Companies are optimistic about hiring

If you're job hunting, these numbers are in your favor. You might find more choices and better chances of getting hired. Keep your skills sharp and stay ready for new opportunities.

Remember, the job market can change quickly. Keep an eye on the latest trends and be ready to adapt. Your skills and flexibility will be key in this competitive market.

Singapore's job market has seen changes lately. The number of S Pass and Employment Pass holders has gone down. This is happening because companies are changing how they hire. They're adapting to new rules about foreign workers.

You might notice:

• Fewer S Pass holders for two quarters in a row
• A drop in Employment Pass holders too
• Companies adjusting after the pandemic
• Businesses responding to new hiring policies

The Ministry of Manpower reported these changes in their recent labor report. They're watching how businesses react to new rules about foreign workers.

What does this mean for you?

• If you're job hunting, the market might be different
• Companies may focus more on local hiring
• There could be new opportunities for skilled local workers
• Foreign workers might find it harder to get certain passes

The job market is always changing. These new trends show how policies can affect hiring. Keep an eye on these changes if you're looking for work or running a business in Singapore.