Singapore will introduce a “calibrated reduction” in dependency ratio ceilings in the manufacturing and services industries, Finance Minister Tharman Shanmugaratnam said in a budget speech in Parliament today, reported Bloomberg.
The dependency ratio ceiling specifies the maximum proportion of foreign workers that companies can hire. The government may consider further increases in the foreign worker levy beyond July 2013, Shanmugaratnam said.
From July 1, companies won’t be allowed to bring in new foreign workers beyond the new ceiling, he said.
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