ONE Pass to rule them all

Singapore introduced the Overseas Networks & Expertise (ONE) Pass was two weeks ago. Under this scheme, any foreigner earning a fixed monthly salary of at least 30,000 SGD will be eligible. Companies wishing to hire such an individual will no longer need to comply with Fair Consideration Framework (FCF), where job advertising for suitable local candidates is concerned. An individual holding this ONE Pass will not be subjected to the requirements of the Complementarity Assessment Framework (COMPASS)  regulations.

As an economic digit, it is probably prudent to try and unpack this.

Perceived benefits

The ultra-large foreign firms looking to begin (or continue) investing in Singapore with a local presence, will now have an easier time of it. For roles requiring that salary range, which can be a challenge to hire for even without having to conform to local existing laws regarding fair hiring practices, it is now a lot easier to expedite the process. This in turn makes it easier for them to operate in Singapore. And that (hopefully) translates to more jobs for qualified Singaporeans, though probably not at that exalted salary range.

Welome to Singapore!

This also serves to attract top talent to Singapore, and retention of that talent. The benefits of that are obvious.

Also, every foreigner that gets hired under this scheme are going to have to stay in Singapore. Unlike locals, they don't have a permanent home on this island and will need a place to stay. That means money is going to be spent in Singapore. There's no downside to that.

Perceived drawbacks

With any kind of new legislation, there are bound to be bad actors trying to be slick and abuse the system. The Singapore Government is going to have to exercise extra vigilance in ensuring that this remains at a minimum. How they are easily going to do that, remains beyond my ken.

A common refrain on Social Media is that this takes away potential jobs from local talents. The belief is that the presence of such highly-paid foreign talent will deprive local talents of these opportunities. If one ignores the fact that such local talent would in all likelihood already be gainfully employed or themselves being a foreign talent in other countries, this might hold water.

This argument
does not hold water.

At the risk of sounding elitist...

I find the protests on behalf of local talent, hollow at best. We are speaking of local talent who can command at least 30,000 SGD a month. I'm not a betting man, but I would wager my last Singapore dollar that the average shmuck ranting on Social Media about the ONE Pass, earns maybe a tenth of that.

People who are capable of earning more than 30,000 SGD a month, are surely equally capable of advocating for themselves. These people certainly do not need others to speak up for them, especially those who have not and will in all probability will never see that kind of money in six months, let alone one.

This is also why I am against people who have never worked tech jobs before, presuming to speak for my industry. Stay in your lane.

One last thing...

When I first saw this news, my first thought was: Pfft. 30,000 SGD isn't even half what I make. Annually, that is.

Jokes aside, there were predictably plenty of complaints from naysayers. And - surprise, surprise, anti-foreigner rhetoric. This isn't a new phenomenon by any means. It is little more than envy from people who think that their comparative lack of earning power would be addressed not by bettering themselves, but by eliminating all competition.

Newsflash: if you're busy being bitter on Social Media, these foreign talents are not your competition. Professionally, you're probably a long way from even being in the same weight class. Deal.

The ONE and Only,
T___T