Singapore

Singapore Tightens Employment Rules for Foreigners

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Sept. 24 – The Singapore government today announced rules that will require companies operating in the country to consider Singaporeans for skilled job vacancies before turning to candidates from abroad.

Commencing August 2014, firms with more than 25 employees must advertise a vacancy for professional or managerial jobs paying less than S$12,000 (US$9,605) a month on a new jobs bank website administered by the Singapore Workforce Development Agency for at least 14 days. Only after that period can the company apply for an employment pass to bring in a foreign national.

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Asian Economies ‘Need Structural Change’

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Singaporean PM Lee Hsien Loong singles out China as most in need of reform and “the hardest of all”

The Singapore Prime Minister Lee Hsien Loong has stated at the Second Singapore Summit that Asia’s major economies have “reached a point where existing growth strategies have run their course” and that “major structural change must take place.”

Citing both China and Japan as specific cases, he mentioned that continuing high growth would depend upon leaders of these nations undertaking what would be “painful economic, social and political reforms.” Lee was relatively upbeat about Japan’s prospects, suggesting that Japanese PM Shinzo Abe’s “Abenomics” has changed the mood and discourse of the nation and that the recent awarding of the 2020 Olympics to Tokyo would provide a further boost.

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Singapore-Jakarta World’s Fastest Growing Air Route

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Sept. 23 – With Singapore the financial and services hub of Asia, and Indonesia one of the fastest growing and largest economies in the region, the Singapore-Jakarta air route has become the fastest growing route internationally in terms of passenger growth and demand. The flight – which takes just 80 minutes – is the only global route that has seen growth at above 20 percent this year. Some 298 flights operate each week with some 65,000 one way seats and 130,000 return seats booked ever y seven days. The route has shown an increase of 24 percent in passenger demand since last year.

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