A new work pass is among several initiatives that aim to strengthen Singapore's position as a global talent hub. At the same time, the country must step up efforts to develop the local pool of talent so that its economic core can be preserved. The new work pass - the Overseas Networks and Expertise Pass - will be open for applications from Jan 1 next year, to attract top talent across all sectors. Applicants will need to earn a fixed monthly salary of $30,000 and above, which is comparable to the top 5 per cent of Employment Pass (EP) holders. Other changes planned include updated job advertising requirements under the Fair Consideration Framework and adjustments to the existing EP scheme. The changes are meant to allow businesses to respond quickly to their operational needs, so that they can compete more effectively as Singapore and the world emerge from the coronavirus pandemic.

Covid-19 has accelerated Singapore's need to attract global talent. Singapore is a global city by definition. Over the past two years, the Covid-19 pandemic resulted in the imposition of painful border controls that disrupted the country's global links. Although that situation is easing, it is being followed by significant geopolitical and economic uncertainties and the phenomenon of certain countries turning inwards even as others go out of their way to compete for global talent. Singapore, which has few natural resources, depends on the ingenuity and agility of its human resources to thrive. It simply cannot allow investors to doubt whether it indeed remains open, no matter how challenging the circumstances might be.