Thursday, July 1, 2010
Tuesday, December 15, 2009
Great news: Singapore employment is up
SINGAPORE - Total employment for the third quarter of 2009 grew by 14,000, offsetting the losses of 6,200 and 7,700 in the first and second quarters of the year respectively.
This increase resulted in the total employment in September 2009 recovering to around Dec 2008 level.
Services and manufacturing continued to expand at a higher rate - 12,700 and 7,400 respectively - than previous quarters. Manufacturing continued its fourth consecutive quarter of decline, albeit at a lower rate (-6,400) than the 1st two quarters of the year.
However, among the resident labour force, the rate increased to 5 per cent in June 2009. Long term unemployment has also risen, with the number of job seekers looking for a job for over 25 weeks almost doubling from 9,600 in September 08 to 18,400 in September 09.
Re-employment rose as well, with over half of residents retrenched in the second quarter of the year re-employed by September 2009. Job vacancies also rose 34,900 in September 09, up 42 per cent from June 09.
From AsiaOne Tue, Dec 15, 2009
Monday, December 14, 2009
Things you should know about CPF for PR holders (part 2)
I. WHAT IS CPF
CPF contributions are payable once a foreign employee obtains SPR status. To help the
employee adjust to the lower take-home pay, both the employer and employee will contribute CPF at graduated rates for the first two years.
The first year rate is payable on the date of your employee’s conversion to a SPR. The second and third year rates are payable from the month following the anniversary of the employee’s conversion to a SPR.
For example, if your employee became a SPR on 23 January 2009, the first year rate would apply from 23 January 2009. The second and third year rates will apply from 1 February 2010 and 1 February 2011 respectively.
Foreigners, who have obtained their SPR status, should only maintain one CPF account.
Employers should inform such employees to merge their previous CPF account (if any)
with their new CPF account.
CPF contributions for SPRs into CPF accounts with the prefix SA/SB/SD/SF/TC/TF will be rejected. Merging of CPF accounts can be done by submitting clear photocopies of the documents listed below:
- Singapore Identity Card
- Passport
- CPF Membership Card
- Entry/Re-entry permit
Below is the total CPF contribution rate
II. TYPES OF SPR CONTRIBUTIONS
SPR employees and their employers have the option to jointly apply to CPF Board to contribute at other prescribed rates during the employee’s first two years of obtaining the SPR status.
A summary of the options available is as follow:
Option (1) applies once your employee obtains his SPR status. For options (2) and (3), the employer and employee must jointly apply to the Board using the prescribed form CNR/PR/94A. Once the application is approved, it is irrevocable. These rates will cease to apply upon a change of employment within the first two years, i.e. the rates will go back to the graduated rates.
CPF contribution rates for SPR first year and second year:
For further infos and want to calculate on how much do you need to contribute to CPF, simply click HERE.
Wednesday, December 9, 2009
Foreign Workers in demand
COMPANIES that rely on foreign workers want the Government to let them hire more of them, according to a survey.
The call is particularly intense from contractors and manufacturers, who feel the quota should be adjusted for specific sectors. Foreign workers form up to 70 per cent of the workforce in these two sectors.
Overall, almost half of the businesses surveyed are unhappy with the foreign worker quota policy.
They want it raised in order for them to meet orders, which have been increasing in the past few months as Singapore's economy claws its way out of the red.
But such a move could hurt Singapore's competitive edge, said economics professor Davin Chor from Singapore Management University.
'Long-run growth depends on the capacity of our economy to consistently improve on our productivity and the way we tap into cutting-edge technologies,' he said.
*From The Strait Times- 9th December 2009
Tuesday, November 24, 2009
Two- thirds PR application successful
An average of 46,300 people are granted Singaporean permanent resident (PR) status every year for the past eight years, Deputy Prime Minister and Minister for Home Affairs Mr Wong Kan Seng said in Parliament today.
In his reply to Mr Chiam See Tong's question about the number of PR applications received, granted and PR statuses renounced, Mr Wong said that PR applications have been increasing steadily in recent years.
From 2000 to 2008, an average of 74,500 applications for permanent residency were submitted by foreigners each year. Of these, an average of 46,300 applications were successful.
An average of 2,200 also renounced their PR status each year during the same period.
Mr Wong said that the increase in number of people granted PR was due to two factors, namely a strong economy and the need to augment Singapore's population.
A booming economy growth of 6 per cent to 8 percent between 2004 and 2007 meant that Singapore required more foreigners to work here. Most did not intend to stay long term, but "a good many" are well-qualified, skilled personnel who decided to stay longer and applied for PR.
Singapore's low fertility rate also meant that the country would age rapidly and start to decline by 2020 if the country closes its doors to foreigners. This would increase the burden of Singaporeans and the country's competitiveness would decrease.
Mr Wong also said that the Government recognizes that Singaporeans feel anxious about the large inflow of foreigners in recent years.
Singaporeans should not think that all foreigners here are PRs, he said. A large portion of foreigners are here on short-term passes, with 1,253,000 non-residents in Singapore as compared to 533,000 PRs.
While Singapore needs the continuing inflow of immigrants into the country, Mr Wong said that the government is mindful of the concerns of Singaporeans.
***Mon, Nov 23, 2009 AsiaOne
Tuesday, November 10, 2009
Stricter rules for Entre Pass get expats worked up.
The latest news for foreigners who want to set up a business in Singapore was revised by Ministry of Manpower (MOM) recently: "foreigners who want to set up businesses in Singapore are causing jitters among some expatriates"
"The amendments to the EntrePass scheme, made at the end of September, have made it more rigorous for new applicants, but those already on it fear they too will be asked to meet the new, higher standards. Previously, applicants for the pass had to submit a business plan and put down a $3,000 bankers guarantee or get a Singaporean sponsor.
Now, new applicants also have to:
1. Register their company as a private limited-concern
2. Hold a share of at least 30 per cent in the company; and
3. Have at least $50,000 in paid up capital
There are also specific guidelines to ensure that the businesses they set up create employment opportunity for Singaporeans. When they first renew the permits- each permit is valid for a maximum of two year- the business owners will have to show that they employ at least 2 Singaporeans and have total business spending of at least S$100,000 over the past year.
At subsequent renewals, they have to employ at least four Singaporeans and have total business spending of at least S$150,000 over the past year.
The MOM, which administers the scheme, said the changes are a way of ensuring that Singaporeans workers benefit from enterprises set up here. Said a spokeman: "A key characteristic of the new EntrePass framework is the requirement for all companies set up by EntrePass holders to employ locals".
Asked if the change is due to businesses under the old EntrePass not giving jobs to Singaporeans, the ministry said the old framework also considered employment creation, but the new framework has put down mandatory business requirements.
MOM receives about 3,000 EntrePass applicants a year, of which about half are approved. Those under the old framework- about 1, 700- have been given a choice to stay on it or transit to new requirements.
Asked if those renewing their passes under the old framework will also be subjected to the more rigorous assessment, the MOM would only say it is on case by case basis"
***According to ANg Yiying, The Straits Times on 4th November 2009.
Monday, November 9, 2009
Singapore- a top choice for migrants
Singapore is a top immigration hot spot, according to a global survey conducted by Gallup. If it were to take in all adults who wish to settle in the country, its adult population of 3.6 million would jump to 13 million, said the survey released this week.
Gallup arrived at this figure by using what it called the Potential Net Migration Index (PNMI). The index is the estimated number of adults who wish to leave a country permanently subtracted from the estimated number who wish to immigrate to the country, as a proportion of the total adult population. The higher a positive PNMI value, the greater the potential of net population gain, the proportional to the population size.
Singapore emerged tops with the highest PNMI value of 260 per cent, followed by Saudi Arabia (180 per cent), New Zealand (175 per cent), Canada (170 per cent) and Australia (145 per cent) *** photo
Singapore's ranking in the PNMI may not be entirely surprising given its relatively small population size and strong and stable economy, analysts said. According to the United Nations' 2009 Human Development Report, Singapore is already a popular immigration destination. It ranked No.10 in the world in terms of the share of immigrants as part of total population, at 35 per cent.
The UN report also showed that Singapore had a relatively low emigration rate of 6.3 per cent. "If most of those who say they want to come here are mostly economic migrants from other Asian countries, I won't be surprised because Singapore's economy is doing quite well relatively, " Dr Chua Beng Huat, a sociology professor at the National University of Singapore, told The Straits Times when asked to comment on the Gallup survey findings.
**By Lin ZhaoWei from The Straits Time on Thursday, November 5 2009.
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