As per the available information, Singapore will be giving top priority to hiring locals and resort to recruiting foreign workers only when locals with desired skill-sets/qualification are not available.
Singapore’s new restrictions on foreign workers—New labor rules have been announced by Singapore for firms making it mandatory to give top priority to locals for middle income employment.
Singapore new foreign worker norms will require firms to give priority to locals over foreigners for middle level occupations in Singapore.
This is being done under th FCF(Fair Consideration Framework).
Details of new Singapore rules for foreigners—For medium and large firms seeking to recruit workers, it will be mandatory to make advertisement of vacant job positions on any online job database run by government.
Such rules are for job positions in Singapore below S$12,000 monthly salary. And only Singapore permanent residents and Singapore citizens are eligible to make an application for such job positions.
In case, after a period of two weeks following the date of advertisement, the locals with required skill-sets or education qualification are not available, then the firm can make efforts for hiring foreign workers.
New rules will ensure that an application for an EP(Employment Pass) for hiring a foreign candidate is made by the company.
Who will be affected by new Singapore hiring rules?—Singapore hiring rules for foreign workers will have a significant impact on junior finance professionals(junior expats) seeking banking jobs in Singapore.
Junior foreigners need to know that their chances of getting a job in Singapore may be bleak as employers in Singapore are being encouraged to hire local workers rather than foreign workers.
Junior hiring in banks is being monitored quite closely in Singapore and only Singaporeans will be considered at junior level bank jobs. So, it is quite obvious that most banks in Singapore will adhere to hiring a local candidate.
No affect on jobs with S$144k—For jobs in Singapore with an annual salary of S$144k or higher and jobs in companies having 25 or lesser workers, the new rules will not have any affect. So, senior foreign candidates are least likely to get affected by new restrictions.
Moreover, foreign juniors having knowledge of any foreign language and/or any specialised skill-set(eg. Software skills) required for any job position will get hired by banks, despite new hiring restrictions. They will be hired after banks get employment-passes.