Singapore's economy rebounded last year, wages up 5.6%

Well according to government statistics wages are up 5.6% so did you make the cut? Higher or lower?…

Employees earned 5.6 per cent more amid a tighter job market, according to latest government figures

SINGAPORE'S economy rebounded last year, employees earned 5.6 per cent more amid a tighter job market, according to latest government figures.

The average earnings of a worker rose to $4,089 from $3,872 in 2009.

But work in last year's inflation of 2.8 per cent, and the real earnings growth moderates to 2.7 per cent.

These earnings figures, released on Tuesday by the Manpower Ministry (MOM) in its quarterly labour market report, are derived from data on workers' contributions to the Central Provident Fund.

They reflect the average incomes of full-time and part-time local workers, including permanent residents but excluding the self-employed.

The report also showed that Singapore created more jobs than estimated earlier, with 115,900 jobs added instead of 112,500. Most of the new jobs are in the service sector.

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The Lucky Draws are open to individuals who pay income and property tax by GIRO. There will be 3 annual draws from 2011 to 2013. The longer one stays on GIRO, the higher the chances of winning in the Lucky Draws! Taxpayers now paying their tax on GIRO are already eligible for the Lucky Draws.

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@ Eastpoint Mall on 2 Apr 2011 (Sat), 12pm to 4pm
@ Jurong Point on 3 Apr 2011 (Sun), 12pm to 4pm
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A pre-draw will be conducted in the presence of external auditors at 55 Newton Road, Revenue House, Singapore 307987. The following will be drawn at the pre-draw:
a) 100 winners for the cash prize of $100 each,
b) 83 winners for the cash prize of $200 each, and
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1. Instant approval if you sign-up at any AXS station (for DBS/POSB customers) or through Internet banking (for DBS/POSB or OCBC customers); or

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You can also view your GIRO plan and tax balance simply by logging in to myTax Portal.
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The GIRO Promotion Lucky Draw period is from Apr 2010 to Mar 2013. Sign up for GIRO before 30 April 2011 to be eligible for the first Lucky Draw in May 2011.

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	1st Draw May 2011	2nd Draw May 2012	3rd Draw May 2012
Qualifying periods*	1 Apr 2010 - 31 Mar 2011	1 Apr 2011 - 31 Mar 2012	1 Apr 2012 - 31 Mar 2013
GIRO payment	Number of Chances
Income Tax	1	2	3
Property Tax	1	2	3
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Lucky Draw Terms and Conditions (78.6KB)

Cash Prizes	1st Draw May 2011	2nd Draw May 2012	3rd Draw May 2013
1st prize	$20,000	$30,000	$50,000
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FAQs on the Lucky Draw

What is IRAS No-Filing Service

If you have received a letter from IRAS informing you that you are selected to benefit from the No-Filing Service, you do NOT need to submit an Income Tax Return.

IRAS, Inland Revenue Authority of Singapore, will issue you a tax bill (Notice of Assessment) based on your relief claims for last year, and the income details sent by your employer who participates in the Auto-Inclusion Scheme (AIS) for Employment Income. However, reliefs may be adjusted if you have been informed that you do not meet the eligibility criteria.

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You need to submit an Income Tax Return only if you:

1. have additional income to declare. For e.g. you changed employer in year 2010 and your new employer is not in the AIS and/or received rental or other taxable income in year 2010; or
2. have additional reliefs to claim. For e.g. you have a new child born in the year 2010; or
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Are you on NFS?

Please log into myTax Portal to check whether you are on No-Filing Service. Find out more from the User Guide  (226KB).

Singapore to reduce dependency on foreign labour

 

Singapore has to make changes to the way it grows its economy as the model of relying on cheap and plentiful foreign workers to boost output is not sustainable, said Senior Minister Goh Chok Tong.

He was speaking at the Installation Ceremony of the 56th Council of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) on Tuesday.

Mr Goh said Singapore has raised the Foreign Worker Levy and provided incentives for businesses to raise productivity.

He also said the government will work closely with industry associations and business chambers to help their members become more competitive by improving their business models and raising productivity.

"Some people believe that the Foreign Worker Levy will be reversed if the economy slows down. But don’t bank on it. I would like to reiterate here that the government is determined to reduce the dependency on foreign labour and raise the productivity and incomes of Singaporeans," the senior minister said.

The chamber is also heeding the government’s call to raise productivity by helping its member companies to do so.

SCCCI president Teo Siong Seng outlined the chamber’s focus for the next two years, which includes venturing to overseas markets.

Mr Teo said the chamber will help the government to promote its various assistance schemes to its member companies. At the same time, he said it will help its member companies appeal for more simplified application procedures and a shortened approval process.

Mr Teo also said the chamber has received approval from the Ministry of Trade and Industry to set up a representative office in Shanghai through a new initiative for trade associations to venture abroad.

The chamber has already signed agreements with five trade association members.

The Shanghai Representative Office will help them to liaise with their counterparts, arrange for mutual visits and provide business matching services.

SCCCI is now discussing with other ethnic chambers on collaborations with the Shanghai Representative Office.

Singapore Manpower Ministry (MOM) raised salary thresholds for foreign professionals and skilled workers

The recent move by the Manpower Ministry (MOM) to raise the salary thresholds for foreign professionals and skilled workers may do little to quell demand for these workers.

From 1 July, for professionals, the qualifying salary thresholds for the three categories of Employment Pass holders will be raised respectively —

• Q1 = S$2,800
• P2 = S$4,000 
• P1 = S$8,000

For skilled workers, to qualify for an S—Pass, an applicant’s monthly salary will have to be S$2,000 or more, up from S$1,800.

MOM said the changes were made to keep pace with increases in locals’ wages and to encourage companies to be more selective when hiring foreign talent.

The higher salary thresholds were also introduced in response to concerns from Singaporeans that foreign talent is competing with them for jobs.

PrimeStaff Management Services has a number of S—Pass and Employment Pass workers on its payroll. It said the move to raise their salary thresholds will not have a big impact.

Ronald Lee, managing director of PrimeStaff Management Services, said: "When you 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 or $5,000. So, if you really want to hire them, that is the kind of range you’ve got to be paying them."

Recruitment companies say clients still prefer to fill their positions with local workers. However, this may sometimes be a challenge. This is because local workers still demand much more, like in terms of salary expectations.

PrimeStaff Management Services’ Mr Lee said: "They would expect a very, very high package to entice them....Therefore, we have no choice but to look (at) outside (sources). 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."

The tight labour market is also making it tough to hire.

Phillip Overmyer, chief executive of Singapore International Chamber of Commerce, said: "(In) Singapore, if you look at the (labour) market, it is fully booked! Everybody is employed, more or less. So if the economy wants to grow, you have to hire other people."

Singapore exploits the lack of internship places of Australian foreign medical students, convinces graduate doctors to come and work

 

SINGAPORE intends to 'fully exploit' the lack of internship places for foreign medical students in Australia in order to convince more graduate doctors to come and work here.

Health Minister Khaw Boon Wan yesterday described Australia's shortage as 'an opportunity'. He added: 'We have training places. We welcome applicants, especially returning Singaporeans.'

But he said locally-trained graduates will have no problems getting a place, and there is still room to accommodate more students.

The Straits Times reported on Tuesday that foreign medical graduates in Australia may miss out on internship places in the country's hospitals, which will leave them unable to practise there. The development comes as Singapore faces a high demand for doctors.

Asked whether the Australians had talked to the ministry about internship arrangements, Mr Khaw said at least one medical school dean has expressed an interest in collaborating with Singapore. The minister added that he views this as a 'recruitment exercise'.

Mr Khaw compared it to Singapore's recent success in attracting those who trained in Britain. Speaking at an event in Woodlands, he said this success was down to 'various European Union rules which favour, for example, East Europeans rather than Asians', adding: 'So I just roll out the red carpet.'

The demand for doctors is set to stay high with the opening of Jurong General Hospital in 2014. A third medical school, a tie-up between Nanyang Technological University and Imperial College London, is set to start in 2013 to boost the number of local doctors.

Meanwhile, Australia's internship shortage is set to worsen next year, when two schools' first batches of medical students graduate. Graduates there must complete a year of internship with an authorised hospital before being allowed to gain medical accreditation.

Singaporean medical students who cannot get places could still face problems even if they want to come back to Singapore to take up internships.

Nanyang Technological University (NTU) at One North Buona Vista

This is because, having been out of the country for several years, they may lack the appropriate contacts and knowledge of which specialities to apply for.

Some are calling for the Singapore authorities to help them secure internship placements here. One of them, Ms Whitney Chua, 22, feels places should be 'guaranteed to all medical graduates'.

Mr Quak Zhi-xuan, 25, a final year student at Monash University and president of student group the Singapore Medical Society of Victoria (SMSV), said such measures to help graduates who had studied abroad would make their decision to return here much easier. To push for the authorities to take more action, the SMSV is forming a new student association, the Singapore Medical Society, which will include Singaporean medical students across Australia. There are 500 to 750 Singaporean medical students in Australia.

Canadian Aaron Wong, 24, a final-year student at the University of Melbourne, is keen to take up an internship in Singapore. But if he wishes to return to Australia to practise medicine, he will need to take an extra exam. This barrier, he feels, is something that the Singapore authorities can help get removed.

The Health Ministry said there are currently 30 house officers who studied in Australia working here.