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4^th Quarter Newsletter 2020

SALARY OVERVIEW

Hong Kong - China - Singapore - Thailand 

Singapore

Singapore's economy: Set for growth

The Ministry of Trade and Industry latest estimates suggest a return to growth in 2021 of 4-6 per cent, while also suggesting the economy will contract by 6.0 to 6.5 per cent in 2020. Year-on-year, the Singapore economy shrank by 5.8 per cent, a much smaller contraction than the 13.3 per cent slump in the second quarter.

 

In 2021, Singapore’s economy is projected to return to growth amid an improved outlook for key external economies combined with a further easing of global travel restrictions, while trade-related services sectors are expected to benefit from the pick-up in external demand.

 

There is expected to be continued growth in the IT, and Finance and Insurance sectors. The Manufacturing sector may also continue to expand, with growth in the Electronics and Precision Engineering clusters boosted by strong semiconductor demand from the 5G market.

 

The Construction sector is likely to recover albeit from a low base this year, although construction activity and efficiency will continue to be dampened by the implementation of safe management measures.

 

Aviation and Tourism related sectors such as air transport and accommodation which have been particularly hard hit, are projected to see a gradual recovery in air passenger volumes and visitor arrivals.

 

Despite this growth it would seem unemployment is likely to remain at higher levels next year. Government schemes such as the JSS and its extension into next year are likely to assist to limit any rise in unemployment, while both businesses and employees make adjustments to compete in the new business and work environments.

 

Source: 

The Straits Times 

New Ministry of Manpower (MOM) regulations

Recent Fair Recruitment Employment Agency License Conditions revisions from the MOM effective 1 October are based on the Tripartite Guidelines for Fair Employment Practices (TGFEP). They introduce fair recruitment requirements on Employment Agencies which are aligned with the TGFEP that employers today are required to adhere to, are designed to improve professional standards and to ensure fair opportunities for Singaporeans in their job search.*

 

For both employers and employment agencies there are revisions that need to be noted and for our clients we would like to highlight the following:

 

• Starting 1 October 2020, employment agencies are required to brief clients (companies using the agency to recruit personnel) on the new guidelines in the TGFEP, and retain documentary proof of these briefings. The chapters from the TGFEP the client needs to be informed of are "Consistent and Fair Selection Criteria", "Hiring and Developing a Singaporean Core", and "Recruitment". Furthermore, the agency should brief the client of any subsequent changes to the guidelines on recruitment.
  
  
• In every job advertisement, the employment agency will state the selection criteria clearly and not use any language that is discriminatory, including language that excludes Singaporeans, or indicates preference for non-Singaporeans.
  
  
• The employment agency will make reasonable efforts to attract Singaporeans for every job order from the client, unless the client instructs the agency otherwise. If the client instructs the agency otherwise, the agency will obtain the client's written acknowledgement.
  
  
• The agency will shortlist and refer applicant(s) to the client based on merit and not discriminate against applicant(s) on ground(s) which is irrelevant to the job position. Examples of such ground(s) include age, race, gender, religion, marital status and family responsibilities, or disability. The agency will ensure that all Singaporean applicants are considered fairly for all job positions.
  
  
• The new regulations do not apply to any work or activity in connection with the referral and placement of one or more FDWs.

Please follow this link to download a copy of the Tripartite Guide on Fair Employment Practices, which we would suggest companies to familiarise themselves with as it covers more than just recruitment practices.

 

As per these new guidelines from October 1, 2020 our consultants will be advising clients accordingly. For more information, please contact us.

 

* While ensuring fair opportunities for Singaporeans for every job order, it should be noted that the TGFEP does not allow job advertisements that show a preference for or against specific nationalities or races.

 

Source:

Ministry of Manpower – Employment Agency License Conditions

Top 5 Candidates

 

Business Analyst

Nationality: British, Singapore PR

Based: Singapore

Languages: English

Availability: Immediate

 

Skills:

MSc Corporate Finance, Certified Project Management Professional (PMP). CMFAS holder in Securities, Futures & Options and Financial Advisory.

 

For more information on this candidate please contact Ash Hameed

Head of Operations

Nationality: Singaporean

Based: Singapore

Languages: English, Mandarin

Availability: Six weeks' notice

 

Skills:

Highly experienced and resourceful operations executive with over twenty years experience in all aspects of QSR (Quick Service Restaurant) operations. An avid learner with a positive mind-set and strong leadership skills.

 

For more information on this candidate please contact David Kennedy

Safety Manager

Nationality: Singaporean

Based: Singapore

Languages: English

Availability: One month's notice

 

Skills:

WSH Registered Officer & Confined Space Assessor.

 

For more information on this candidate please contact Ash Hameed

CFO/CEO

Nationality: British

Based: Singapore

Languages: English

Availability: One month's notice

 

Skills:

A Chartered Accountant and entrepreneur with International Board level and Public Sector Service. In depth background in licensing, corporate financing, M&A and managing strategic change. Investor and director of several technology companies including Healthcare and Fintech sectors, with experience in identifying and the process of commercialisation, of early stage technology and services.

 

For more information on this candidate please contact David Kennedy

VP - Sales Asia

Nationality: Singaporean

Based: Singapore

Languages: English

Availability: One month's notice

 

Skills:

Experienced Business Leader in Healthcare, with P&L responsibility and experienced in selling complex enterprise solutions, pitching to C-level clients.

 

For more information on this candidate please contact Ash Hameed

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