Singapore must remain open to global talent to stay competitive , says its central bank

19/5/2022 5:30:00 PM

Foreign labour has long been a hot button issue in the financial hub.

Foreign labour has long been a hot button issue in the financial hub.

Singapore's financial sector is creating more jobs than local staff can fill and the city-state will lose its competitiveness and growth will be sub-par if it does not stay open to global talent, the head of the central bank said on Thursday.

"A 'Singaporeans only' approach will be fatal for Singapore as a global financial centre as there are simply not enough locals to meet the fast-expanding specialist needs of financial institutions," Ravi Menon, managing director of the Monetary Authority of Singapore, told a forum. The central bank is also Singapore's financial regulator.

Menon's comments come at a time when Singapore is adopting stricter visa and hiring restrictions, in bit to allay local concerns about foreign workers snapping up higher paying jobs.The ruling People's Action party registered its worst vote share since independence in the 2020 general election, and is walking a tightrope trying to balance Singapore's attractiveness as a global business hub and local frustrations over job competition.

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