Foreign Versus Local Companies that Qualify Under Condition 1 of Manpower for Strategic Economic Priorities Scheme
- Leon Perera asked for a breakdown of foreign versus local companies among the 1,000 firms qualifying under Condition 1 of the Manpower for Strategic Economic Priorities (M-SEP) scheme, with the Minister clarifying that all beneficiaries must be locally incorporated or registered to hire Work Permit or S Pass holders.
- The Minister noted that about 40% of eligible firms have at least 30% local shareholding, but shareholding is not a prerequisite; the scheme focuses on firms contributing to economic growth and creating opportunities for Singaporeans, with tight selection and collaboration with agencies like EDB and Enterprise Singapore.
- Perera raised a supplementary question about a two-year requirement for firms to maintain their local workforce share, questioning how hiring more foreign pass holders could affect this share, with the Minister explaining that the scheme’s focus is on overall economic competitiveness and training for locals, not isolated workforce ratios.