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Singapore has just announced the Overseas Networks and Expertise Pass - a new work pass aimed at attracting top workers across all sectors.

The pass requires applicants to earn a fixed monthly salary of $30,000 and above. But individuals with outstanding achievements in selected sectors can also qualify even if they may not meet the salary criterion.

It will be a five-year work pass that allows holders to concurrently start, operate, and work for multiple companies in Singapore at any one time. The pass will be open for applications from Jan 1 next year.

The current Employment Pass (EP) scheme will also see several changes including a new benchmark pegged to the top 10 per cent of EP holders.

Other changes include a reduction of the Fair Consideration Framework (FCF) job

advertising duration from 28 days to 14 days, and improvement to the processing time for all EP applications.

We speak to economist and chairman of Singapore National Committee for Pacific Economic Cooperation Tan Khee Giap on the impact of the changes on the Singapore labour market.