Competition between local and foreign PMEs not zero-sum game, S’pore needs to find right balance: Ong Ye Kung
- Posted by: vitu
- Categories: Asia, Singapore
SINGAPORE – The number of Employment Pass (EP) holders in Singapore has increased from 65,000 in 2005 to 177,000 in 2020.
This translates to an annual growth rate of just under 7 per cent, and an increase of 112,000. In comparison, the number of local professionals, managers and executives (PMEs) grew by more than 380,000 in the same period.
Disclosing these statistics in a ministerial statement on Tuesday (July 6), Health Minister Ong Ye Kung acknowledged that there are trade-offs that come with having an open economy, such as greater competition from foreign PMEs.