Budget 2014 seen to unveil more tightening measures in the mid-skilled segment

Manpower shortage likely to persist.

According to DBS, expect further tweaks in the mid-skilled segment in the coming budget to cater to the rapidly rising number of Singaporean Professionals, Managers, Engineers and Technicians (PMETs).

The scope of the tightening in this time may even be industry specific. Further reductions in the foreign worker Dependency Ratio Ceilings (DRCs) in specific industries would not surprise.

Here's more:

The tightening in foreign labour policy has created significant labour crunch in the economy. Unit labour cost as well as the number of vacancy to unemployed person ratio has been rising simultaneously. The vacancy-to-unemployed person ratio has hit 1.41, the highest since Dec07, reflecting the current manpower shortage.

It is hoped that this will prompt companies to substitute technology for labour, thereby raising productivity. The tightening effort will continue but in a more targeted manner, and especially on skilled foreign labour. New rules that will require companies to consider Singaporeans for skilled vacancies before turning to candidates from abroad will kick in this August.

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