1. Foreign Talent Lim Jing 3S307 Lim Yuan Wei 3S308 Maung Thet 3S311

2. Contents Introduction Reasons Policy Effects Attitudes Reflection on Singapore’s Government References

3. Introduction Foreign talent policy – attraction of foreigners, usually people who are extremely skilled and knowledgable from overseas – Via policies which loosen immigration policies, and tax reduction policies – Via encouraging locals to accept and welcome them

4. Reasons Needs to remain competitive by going into high technology sectors – Biomedical research – Requires highly skilled labour – Foreign talent helps in filling up gaps between demand and local availability of such labour

5. Reasons Has a small population size, and a quickly-growing economy – Does not have enough local manpower to fully fill up such jobs – Hence needs to rely on foreign talent

6. Reasons High technology sectors usually require workers to have lots of training – Many locals are not trained in new sectors – Such training might require up to a few years – Hence, foreign talent is again needed to fill up such jobs

7. Reasons Singapore is relatively new in high technological sectors – Local workers might not have the experience and knowledge of foreign talent – For greater productivity, such talents are needed

8. Reasons Singapore has a brain drain problem – Local talent are migrating overseas for better careers – Hence needs foreign talent to replace these people

9. Policy Tax Policies Manpower Policies

10. Tax Policies The Further Tax Deduction for Overseas Talent Recruitment Scheme (FTD Scheme) – To allows employers to claim a further tax deduction for the relocation and recruitment expenses incurred in the hiring of top global talent.

11. Tax Policies FTD – Encourages more employers to hire foreign talent – Hence attracting more foreign talent

12. Tax Policies Not-So-Ordinary-Resident (NOR) Scheme – Whereby individuals accorded the NOR status can enjoy tax concessions – To attract talents to relocate to Singapore

13. Manpower Policies Raising of SP – pass quota for mid skilled manpower from 10 – 15% – To allow more foreign talents to work in Singapore – So as to increase no. of foreign talents in Singapore

14. Manpower Policies Work Holiday Programme (WHP) – To give bright university students from overseas an experience of living and working in Singapore for up to six months – To enhance Singapore’s reputation as a talent destination, valued for its working and living experiences – Thereby attracting more foreign talent

15. Effects Pros – More diversified working environment – Adds value to Singapore in terms of knowledge, expertise, experience – improves efficiency – Brings more cultures, traditions along with these talents – diversify our cultures.

16. Effects Pros – More competition within – encourage locals to work hard – increases productivity

17. Effects Cons – Unemployment for locals – Some foreign talent are “foot – loose” – Results in over competitive lifestyles

18. Attitudes Supportive – Feel that such a policy will benefit Singapore greatly in terms of economic productivity Unsupportive – Feel that the govt. is not really attracting foreign talent, but rather foreign workers only – Feels threatened by these foreign talents

19. Reflection on govt. Farsightedness of govt. – Can foresee the need to replace aging population – Can foresee the need to explore high technology sectors and the need to employ foreign talent Flexibility in approach – Can think of using attracting foreign talent to solve various local problems

20. Reflection of govt. Thinks of many pronged approach to issue – Comes up with tax and manpower policy shows that the govt. thinks of many different ways, approaches

21. References Foreign Talent Policy: of principle and practice: The Online Citizen - a community for Singaporeans http://theonlinecitizen.com/2007/05/foreign- talent-policy-of-principle-and-practice/ http://theonlinecitizen.com/2007/05/foreign- talent-policy-of-principle-and-practice/ Little Speck - Foreign Talent by Seah Chiang Nee http://www.littlespeck.com/content/economy /CTrendsEconomy-020430.html http://www.littlespeck.com/content/economy /CTrendsEconomy-020430.html http://www.socyberty.com/Government/Fore ign-Talent-and-Singapore.281563 http://www.socyberty.com/Government/Fore ign-Talent-and-Singapore.281563 http://www.singapore21.org.sg/art_talent.ht ml http://www.singapore21.org.sg/art_talent.ht ml http://yaleglobal.yale.edu/display.article?id=9 99 http://yaleglobal.yale.edu/display.article?id=9 99

22. References http://www.mof.gov.sg/budget_2003/budget _speech/subsection4.3.html http://www.mof.gov.sg/budget_2003/budget _speech/subsection4.3.html http://www.pmo.gov.sg/News/Speeches/Seni or+Minister/KEYNOTE+ADDRESS+BY+SM+GOH +AT+THE+SINGAPORE+HUMAN+CAPITAL+SU MMIT.htm http://www.pmo.gov.sg/News/Speeches/Seni or+Minister/KEYNOTE+ADDRESS+BY+SM+GOH +AT+THE+SINGAPORE+HUMAN+CAPITAL+SU MMIT.htm http://www.mof.gov.sg/budget_2008/speech _toc/downloads/FY2008_Budget_Statement.p df http://www.mof.gov.sg/budget_2008/speech _toc/downloads/FY2008_Budget_Statement.p df http://www.iras.gov.sg/irasHome/page03_ekt id338.aspx http://www.iras.gov.sg/irasHome/page03_ekt id338.aspx Channel News Asia Article on Ministry of Manpower's foreign talent related policies http://www.channelnewsasia.com/stories/sin gaporelocalnews/view/277027/1/.html http://www.channelnewsasia.com/stories/sin gaporelocalnews/view/277027/1/.html

23. Thank you Questions?