From Jan 2025, the government will be raising the salary threshold for foreigners seeking to work in Singapore. Joshua Yim, CEO of ACHIEVE Group, shared in an #Aljazeera feature this is a clear sign that the Singapore government wants to bring high-calibre individuals into the Singapore workforce.

However, the higher labour costs could affect the profitability of SMEs with tighter budget constraints, and they might feel the heat of having to compete against larger firms with financial capabilities to offer higher EP salaries.

Along with this, firms will need to deliberate more carefully about the hiring of foreign candidates who are skilled and can add to Singapore’s long-term competitiveness. Nevertheless, this latest EP salary revision will position Singapore as a place for the cream of the crop.

Read the full feature on Aljazeera