With talent being the only resource of Singapore, the country cannot afford to lose the global war for talent. This is why the government has further enhanced its work pass framework and introduced the Overseas Networks & Expertise (ONE) Pass.
Zhao Yang Ng, local principal in the Employment Practice Group of Baker McKenzie Wong & Leow, said the ONE Pass is more beneficial to foreign workers compared to the other work passes, like the Employment Pass (EP), since it has a five-year validity period.
Typically, an EP has a two- to three-year validity, whilst the Personalised Employment Pass (PEP) is granted for up to three years, Bird & Bird ATMD's Senior Associate, Natasha Cheng, explained. Apart from longer validity, ONE Pass also eliminated the need for holders to reapply for a new pass to change jobs, unlike EP holders who need to undergo the process of reapplication.
ONE Pass holders will also be able to "concurrently start, operate, and work for multiple companies at any one time. EP holders can only work for the entity which sponsored his/her EP unless specific permission is sought and obtained from the MOM," said Ng.
But amongst the benefits that ONE Pass provides, Cheng said the biggest privilege a holder could get is having a dependent, particularly their spouse, to work in Singapore on a letter of consent.
Esta historia es de la edición Issue 102 de Singapore Business Review.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición Issue 102 de Singapore Business Review.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Smile API Eases Loan Process
Financial institutions and lenders rely on credit worthiness to grant loans, but assessing it can be challenging with only employment and payroll information. Smile API addresses this challenge by transforming employment data into credit data.
Industry Concerns Rise As Accountant Numbers Decline
Accounting firms and universities strive to boost the sector's appeal with new roles and education programmes.
New Rule Curbs Biases Against Flexi Work
Employers who oppose remote work solely because it deviates from traditional office norms can no longer deny this option to employees and may face consequences for doing so.
Trials Target Better Management Of Treatment-Resistant Depression
Managing treatment-resistant depression (TRD) can take months to years, but Singapore is accelerating the process by embarking on trials of personalised transcranial magnetic stimulation (TMS) specifically tailored for Asian brains.
Singapore's tech powerhouses triumph at SBR Technology Excellence Awards 2024
In today's digital age, technological innovation is not just a competitive advantage; it is a key driver of progress. Companies that embrace digital disruption and leverage the power of technology are unlocking a world of opportunity, transforming industries, and shaping a more connected future.
InterContinental unveils rain refund package for guests
Guests receive a refund for a 1-night room rate if it rains for more than 2 hours during their stay.
New law weaves in work protections and retirement benefits into gig workers' safety net
Platform workers will be able to make CPF contributions into their ordinary and special accounts.
Surbana Jurong's new HQ integrates green spaces and smart technology
The headquarters features biophilic elements that enhance natural light and air circulation.
ION Orchard dives into gamification amidst experiential retail demand
The mall's in-app augmented reality game offers more than 30 rewards.
Why Singaporeans are okay with locking away over $4b of their money
Customers can only access locked’ money with a physical card or by visiting a branch.