Foreign firms hire 60% of high-earning Singapore residents: report

By Dat Nguyen September 20, 2024 | 05:09 pm PT

Financial banking buildings are pictured at Marina Business Financial Center district in Singapore on April 24, 2023. Photo by AFP

Foreign-owned firms in Singapore provide jobs for around 60% of residents earning a monthly income of above SGD12,500 (US$9,700), according to a recent report.

They make up around 20% of firms in Singapore and provide jobs for nearly one-third of employed residents, a report by the Ministry of Manpower showed.

Foreign-owned firms also create business for local small and medium businesses who hire the majority of resident workers, it added.

The ministry said that the numbers highlight the significance of bringing in foreign investments along with the international talent they attract, in a manner that supports the growth of the local workforce and generates quality jobs for Singaporeans.

The government of Singapore has been making policy changes in recent years to ensure businesses hire foreign workers of good quality and to attract global talent to Singapore.

One example is the Overseas Networks & Expertise Pass in January 2023 which seeks to attract top-tier global talent that can anchor new business activities and create more opportunities for Singaporeans.