Singapore to hire 260,000 foreign workers to fulfil the workforce shortages. Tech professionals are most in demand

Highlights: Singapore invited 260,000 foreign workers

• Singapore to introduced a new points-based system - COMPASS
• Singapore will be adding an 18,000-strong fintech workforce.
• In June 2023, in 24 months, it expanded to 260,000; in four years, it will increase to more than 17,000.
• There would be more demand for software developers, sales and compliance specialists, Banking, Engineering, Artificial intelligence engineers, and product managers.

 

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Details about different workforce shortages in other countries:

Singapore will be adding an 18,000-strong fintech workforce. It is an excellent time to look for jobs in Asian financial centers. Kong and Abu Dhabi are looking for qualified professionals. Singapore has introduced a new points-based system known as COMPASS.

 

Hong Kong introduced a work visa for graduates from prestigious universities to apply for jobs in Hong Kong. With this visa, an individual can reside for 24 months even if they don’t have a job offer in hand. In the first nine months, the city gave out 100,000 work permits, nearly 2 1/2 times as many as it did last year.

 

Singapore is equally a part of the game of inviting IT & Software, Banking, and Engineering. Singapore has witnessed only $1 billion in deal volumes in the first three quarters.

In the second year, $5.5 billion will be in 2021, and $2.6 billion will be in 2022. In June 2023, in 24 months, it expanded to 260,000; in four years, it will increase to more than 17,000. There would be more demand for software developers, sales and compliance specialists, banking, engineering, artificial intelligence engineers, and product managers.

Previously, cryptocurrency was an exciting subject, but it isn’t as entertaining as before. But the island’s central bank remains very interested in tokenizing financial assets by partnering with the likes of JPMorgan Chase & Co., Citigroup Inc., and T Rowe Price Group Inc. Applicants who have skills in short supply and firms that contribute to Singapore’s strategic economic priorities will earn bonus points toward their total scores.

 

Previously, securing a work visa in Singapore was a showstopper. Currently, Singapore has made it easy for foreign workers to work there. 

 

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