for new Employment Pass and S Pass applicants could make it harder for businesses to recover from the existing economic loss brought about by the pandemic, according to businesses and industry analysts.
Mr Phua shared that about 29 per cent of SFIC member companies fall under their contract manufacturing membership cluster, and their S Pass to EP ratio is about 4:1. “EP and S Pass permits enable companies to plug skills gaps and labour supply shortages through foreign talent.” For food and beverage businesses, the adjustment to manpower costs would trickle down to affect customers, suggested Cedric Tang, a third-generation owner of Ka Soh & Swee Kee Restaurants.
“And that’s the cost that will ultimately trickle down to the consumers. Everyone loses, but the consumer is the one that loses more,” he said. “The Government always says that there are Singaporeans to hire, but what I feel they’re not understanding is that in the F&B or maybe service industry, a lot of Singaporeans … are not suited for F&B. Even if we were to hire them, sometimes they leave within six months,” he said.
“For the applied to the financial service sector as well, such as comparatively lowly paid financial services sector businesses, say auditing, that might be prohibitive too.”
HR to foreign employees, “We pay you $5k end of the month you give back 2.5k ok?”
what really impacts business cost is to have to pay salaries to unprepared singaporean staff
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