In the latest statistics provided by the Ministry of Manpower, it is revealed that the number of Employment Passes has dramatically reduced since 2011.
The following is a graph that shows the number of EPs have been reduced. However, S-Pass continues to grow.
Employment passes are given to foreign professionals, managers and executives. To qualify for such a pass, you must demonstrate acceptable qualifications and prove a PME salary of at least $3300 a month.
S-Passes are given to mid-level staff, to prevent abuse of the pass, MoM requires the individual to demonstrate a salary of at least $2200 and meet an assessment criteria.
With the Fair Consideration Framework in place, the question we need to ask is this: has this made hiring fairer for Singaporeans? We see from the above graph that S-Pass continues to grow – has things been made fair for Singaporeans?
The Fair Consideration Framework requires the company to put an advertisement on a “National Jobs Bank” – something like a nationwide JobsDB that’s free to advertise.
Yesterday, I met a friend working in a foreign bank here. His bank’s top man is from a particular country. Second level staff are also from this particular country. Even the 3rd level staff, yes… from this country.
The level which contains the most Singaporeans are the Vice President/Assistant Vice Presidents positions. To start with, banks have over inflated titles. The VPs/AVPs have to answer for targets and this friend observed many Singaporeans keep getting retrenched or sacked for failures to hit targets, but their bosses keep their jobs.
I told him about the Fair Considerations Framework and the reply from him was a little vulgar.
So well, anecdotally, it’s not working. Now factually in the graph above, it seems to be the case.
In the banking sector, MAS can do more – perhaps even mirror what the United States does, by sending Federal representatives to sit on the Board of each bank.