Foreign Talent Lim Jing 3S307 Lim Yuan Wei 3S308 Maung Thet 3S311

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Transcript of Foreign Talent Lim Jing 3S307 Lim Yuan Wei 3S308 Maung Thet 3S311

  • Slide 1
  • Foreign Talent Lim Jing 3S307 Lim Yuan Wei 3S308 Maung Thet 3S311
  • Slide 2
  • Contents Introduction Reasons Policy Effects Attitudes Reflection on Singapores Government References
  • Slide 3
  • Introduction Foreign talent policy attraction of foreigners, usually people who are extremely skilled and knowledgable from overseas Via policies which loosen immigration policies, and tax reduction policies Via encouraging locals to accept and welcome them
  • Slide 4
  • Reasons Needs to remain competitive by going into high technology sectors Biomedical research Requires highly skilled labour Foreign talent helps in filling up gaps between demand and local availability of such labour
  • Slide 5
  • Reasons Has a small population size, and a quickly-growing economy Does not have enough local manpower to fully fill up such jobs Hence needs to rely on foreign talent
  • Slide 6
  • Reasons High technology sectors usually require workers to have lots of training Many locals are not trained in new sectors Such training might require up to a few years Hence, foreign talent is again needed to fill up such jobs
  • Slide 7
  • Reasons Singapore is relatively new in high technological sectors Local workers might not have the experience and knowledge of foreign talent For greater productivity, such talents are needed
  • Slide 8
  • Reasons Singapore has a brain drain problem Local talent are migrating overseas for better careers Hence needs foreign talent to replace these people
  • Slide 9
  • Policy Tax Policies Manpower Policies Other Policies
  • Slide 10
  • Tax Policies The Further Tax Deduction for Overseas Talent Recruitment Scheme (FTD Scheme) To allows employers to claim a further tax deduction for the relocation and recruitment expenses incurred in the hiring of top global talent.
  • Slide 11
  • Tax Policies FTD Encourages more employers to hire foreign talent Hence attracting more foreign talent
  • Slide 12
  • Tax Policies Not-So-Ordinary-Resident (NOR) Scheme Whereby individuals accorded the NOR status can enjoy tax concessions To attract talents to relocate to Singapore
  • Slide 13
  • Manpower Policies Raising of SP pass quota for mid skilled manpower from 10 15% To allow more foreign talents to work in Singapore So as to increase no. of foreign talents in Singapore
  • Slide 14
  • Manpower Policies The foreign dependency ceiling in the services sector has been raised from 25 percent to 30 percent as from October 1, 1997. For every local employed, employers may recruit three foreigners.
  • Slide 15
  • Manpower Policies Work Holiday Programme (WHP) To give bright university students from overseas an experience of living and working in Singapore for up to six months To enhance Singapores reputation as a talent destination, valued for its working and living experiences Thereby attracting more foreign talent
  • Slide 16
  • Other Policies Foreign Sports Talent Scheme Used by sports officials and organisations in Singapore to scout, identity and facilitate the migration of non-Singaporeans deemed to possess sports talent to play in Singapore colours in sporting events. 54 athletes had benefited from the programme and received Singapore citizenship, of which 37 were still in active training.
  • Slide 17
  • Effects Pros More diversified working environment Adds value to Singapore in terms of knowledge, expertise, experience improves efficiency Brings more cultures, traditions along with these talents diversify our cultures.
  • Slide 18
  • Effects Pros More competition within encourage locals to work hard increases productivity
  • Slide 19
  • Effects Cons Unemployment for locals Some foreign talent are foot loose Results in over competitive lifestyles Exemplifies the already existent problem of brain drain of talents from Singapore
  • Slide 20
  • Attitudes Supportive Feel that such a policy will benefit Singapore greatly in terms of economic productivity Feel that the policy will stem the complacency of Singaporeans Increases our population as most of the foreigners are permanent residents Locals do not possess skills or creativity like foreigners do
  • Slide 21
  • Attitudes Unsupportive Feel that the govt. is not really attracting foreign talent, but rather foreign workers only Feels threatened by these foreign talents Feels that it is a short term solution to boost the economy as it is not sustainable to always depend on foreigners Kills off local culture and increases foreign influence on locals
  • Slide 22
  • Reflection on govt. Farsightedness of govt. Can foresee the need to replace aging population Can foresee the need to explore high technology sectors and the need to employ foreign talent Flexibility in approach Can think of using attracting foreign talent to solve various local problems
  • Slide 23
  • Reflection of govt. Thinks of many pronged approach to issue Comes up with tax and manpower policy shows that the govt. thinks of many different ways, approaches
  • Slide 24
  • References Foreign Talent Policy: of principle and practice: The Online Citizen - a community for Singaporeans http://theonlinecitizen.com/2007/05/foreign- talent-policy-of-principle-and-practice/ http://theonlinecitizen.com/2007/05/foreign- talent-policy-of-principle-and-practice/ Little Speck - Foreign Talent by Seah Chiang Nee http://www.littlespeck.com/content/economy /CTrendsEconomy-020430.html http://www.littlespeck.com/content/economy /CTrendsEconomy-020430.html http://www.socyberty.com/Government/Fore ign-Talent-and-Singapore.281563 http://www.socyberty.com/Government/Fore ign-Talent-and-Singapore.281563 http://www.singapore21.org.sg/art_talent.ht ml http://www.singapore21.org.sg/art_talent.ht ml http://yaleglobal.yale.edu/display.article?id=9 99 http://yaleglobal.yale.edu/display.article?id=9 99
  • Slide 25
  • References http://www.mof.gov.sg/budget_2003/budget _speech/subsection4.3.html http://www.mof.gov.sg/budget_2003/budget _speech/subsection4.3.html http://www.pmo.gov.sg/News/Speeches/Seni or+Minister/KEYNOTE+ADDRESS+BY+SM+GOH +AT+THE+SINGAPORE+HUMAN+CAPITAL+SU MMIT.htm http://www.pmo.gov.sg/News/Speeches/Seni or+Minister/KEYNOTE+ADDRESS+BY+SM+GOH +AT+THE+SINGAPORE+HUMAN+CAPITAL+SU MMIT.htm http://www.mof.gov.sg/budget_2008/speech _toc/downloads/FY2008_Budget_Statement.p df http://www.mof.gov.sg/budget_2008/speech _toc/downloads/FY2008_Budget_Statement.p df http://www.iras.gov.sg/irasHome/page03_ekt id338.aspx http://www.iras.gov.sg/irasHome/page03_ekt id338.aspx Channel News Asia Article on Ministry of Manpower's foreign talent related policies http://www.channelnewsasia.com/stories/sin gaporelocalnews/view/277027/1/.html http://www.channelnewsasia.com/stories/sin gaporelocalnews/view/277027/1/.html
  • Slide 26
  • Thank you Questions?