How would you rate the success of the Singapore Grand Prix to date?  If given the option, should Singapore host the event for a further five years; and if so, why?

GENERALLY, I believe the Grand Prix serves its purpose of helping to put Singapore on the world map.  It is not easy to justify the $150 million cost to host the event, of which the government foots 60 per cent, because this publicity and other positive spill-over effects on tourism are not easily quantifiable.  It was reported that $410 million has been generated from the event over the past three years.  If so, the public does benefit substantially, at the expense of the government’s subsidy.

Personally, I think we should continue to host this event, but a change of race venue away from the main city centre might be a cheaper alternative while causing much less inconvenience to the general public.

Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd

Companies MediaCorp spoke to say it’s still difficult to get Singaporeans to fill certain job positions.

With the economy operating at full employment, companies say they have no choice but to look outside Singapore’s shores for workers.

PrimeStaff Management Services has a number of workers on S-Pass and Employment Pass on its payroll.

The tighter criteria for such skilled and professional pass applicants will not have a big impact on its recruitment drive, says the company.

Managing Director Ronald Lee said this is because they are already paying such workers more than the new minimum salaries. 

“When I hire, you don’t look at people just coming at the minimum level. You look at people who fit the requirements and these people who fit the requirements could already be earning $3,000, $4,000, $5,000 even. So, if you really want to hire them that is the kind of range you got to be paying them.”

From 1st July, for professionals, the minimum monthly pay for an Employment Pass will be raised by as much as 1,000 dollars.

And, the salary threshold for mid-level skilled workers for an S-Pass, will go up from 1,800 to 2,000 dollars.

Recruitment companies say their clients still prefer to hire local workers.

But this may be challenging.

Mr Lee explained this is because local workers have even higher salary expectations.

“They would expect a very very high package to entice them, or to motivate them to move. So therefore, we have no choice but to look outside. There are also a lot of equally qualified foreigners who are keen to come at a lower salary, and these foreigners are generally more committed and they have a higher staying power. And also if you hire a foreigner you are not bound forever. You have a one year contract, two year contract depending how long the Employment Pass or S-Pass lasts. So, if you apply for 24 months they’ll stay with you for 24 months.”

Companies say they are finding it tough to hire local professionals because of the tight labour market and low unemployment rate.

Phillip Overmyer is the Chief Executive of the Singapore International Chamber of Commerce : 

“Singapore, if you look at the market, is fully booked! Everybody’s employed more or less. So if the economy wants to grow, you have to hire other people. The people that are doing this are doing it because either they have a skills set that Singaporen doesn’t happen to have.”

The new qualifying salary for S-pass and Employment pass applicants was raised to tackle concerns over foreign talent competing with Singaporeans for jobs.