More locals find jobs, but...
Flexibility in the local-to-foreigner ratio needed?
While Singaporeans and permanant residents have more opportunities of jobs,
it has become more difficult to secure foreign talents.
On the recent article of the Straits Times newspaper, Monetary Authority of Singapore managing director Ravi Menon said we should not blindly
increase the labour cost on foriegners but should make it
flexible following economic cycles.
CIMB Private Banking economist Song Seng Wun says that if it is getting harder and harder to get workers, it might result in companies avoiding coming to Singapore.
"For instance, how many robot servers and cooks can a restaurateur add before his expansion is capped", he added.
Those jobs that Singporeans and permanent residents are not so keen on, for example, positions at retailers, may need to be filled by foreign workers due to the shortage.
It is not easy to persue profits if we only rely on existing employees' productivity going up indefinitely.