Oct 25, 2024, 08:40 AM
Ms Nele Cornelis, executive director of the European Chamber of Commerce (Singapore), said: “European companies are keen to continue their investments in the region, with Singapore remaining the centre of gravity for European business in the Asia-Pacific.”
She also said European multinationals are committed to investing in Singapore’s economy and contributing to the local workforce by hiring Singaporeans, adding:“At the same time, foreign talent plays an important role in expanding the economic potential for Singapore.”
While the Compass framework generally works well and has brought more transparency to the process, there are concerns about the framework’s salary criteria, which can make it difficult for companies to rotate non-Singaporean middle managers or junior executives, Ms Cornelis said.
“These roles are often crucial not because of local skill gaps, but to provide international exposure and development for future leadership in global operations.
“Additionally, the emphasis on university degrees as a primary qualification for the Employment Pass poses challenges, particularly for businesses that rely on specialists such as highly skilled technicians and other experts in niche fields.”
