The pass is targeted at high earners who are earning at least S$30,000 in fixed month salary, orwith outstanding achievements in arts and culture, sports, and research and academia.
Since the inception of the GTCI in 2013, Singapore has been ranked overall second in rankings, except in 2020 when it came in third. While the low rankings in talent retention suggest that there can be some room for improvement, the brain retention indicator, which expresses the extent that business leaders believe that Singapore is able to retain talented people, provides confidence that it remains strong and competitive in this talent game.
Given that some countries are already doing this, not making these regulatory changes will make it less attractive for top global talents to consider Singapore.There is an assumption in the recent parliamentary debates that top global talent will flow in like a river and stay. While this may be true, this is a complex relationship which involves several factors.
For now, rankings suggest that Singapore remains a competitive and dynamic economy, but this should not be taken for granted. After all, top global talents are highly mobile and they are not obliged to be committed to Singapore.It is also hoped these stars will accelerate the capabilities of our local talent and create a dynamic and innovative environment.Top global talents are known to have exceptional skills and performance. For example, we used to have British inventor James Dyson and emerging markets investor Mark Mobius based in Singapore.
Apples do not fall far from the tree. Having that tree in Singapore can benefit us more than having that tree rooted elsewhere. Top global talents bring along their ideas and past work experiences and practices with them. They may not be willing to share their expertise and social networks nor impart their skills if they do not see any benefits out of the exchange. Stars may also come with an ego and may be difficult to work with.
Who Singapore attracts need to be exceptional in terms of their individual performance but also be willing to contribute to Singapore.The willingness to contribute is a two-way street. It is hoped that the top global talents will actively volunteer their time and energy to contribute to Singapore in meaningful ways, but we cannot be passive.
Too little lah ..make it 'No need pass'🤣🤣