Should I apply for my PR application during Covid times?
1. Less Competition
Latest figures published in: Labour Market Advance Release
In any crisis, people often seek stability by sticking to their status quo until the situation tides over. However, in an unorthodox perspective by Albert Einstein. He mentioned, in the middle of any crisis lies a million opportunities for us. Indeed, the hit of Covid-19 has severely impacted the lives of our non-resident workers in Singapore. In just a year of 2020, 181,500 foreigners have lost their jobs – one of the sharpest falls in Singapore foreign employment rates for more than 20 years. However, this inherent downturn would also imply lesser competition for those keen to apply for a Singapore PR.
As Singapore progressively implements stricter hiring measures, one of its foresight includes reducing reliance on foreign labourers making the job market volatile for many. If you have decided that Singapore is the place for you to reside here in the long run, there is no better time than now to take action for your Singapore PR application. With the Singapore immigration PR approval system going on a steady trend of 30,000 per annum, you can expect lesser competition during this time. One should grab the opportunity now to apply for a Singapore PR while the growing sectors are still heavily reliant on the skills-shares and capabilities transfer from our foreign nationals.
2. Reduction in S Pass quota
In recent years the Singapore Ministry of Manpower has announced to lower the foreign worker quota for S-Pass in a phased approach. Starting 1 January next year we can expect a 5% cut in the manufacturing industry. To ensure stability in your career and widen your career prospect, we emphasise there is no better time than now that you should apply for a Singapore PR now while the competition has not peaked. As they say, the fastest fingers win!
You can enhance your career prospects before the economy booms and competition peaks. Already, the unemployment rate for citizens and Singapore PRs have fallen from 4.4 per cent in December last year to 3.9 per cent in April this year. Furthermore, the government has been rolling out numerous schemes to support the local and PR job market with the newly launched Jobs Support Scheme of a budget of $2.2 billion to support the wages of local and PR employees. By converting today, you can not only expect better job opportunities compared to Employment Pass or S Pass holders but many more benefits out there.
3. Low fertility in Singapore
Age has been one of the most significant factors to boost your chances of approval for your Singapore PR application. With that, there is no time for you to waste. Stalling your application during this Covid time might not be the best solution as it could potentially add to your application disadvantages and failures in the long run. In recent times, Singapore fertility rate fell to a historic low in 2020 of 1.40 children for every woman aged 30-39 years old. It continues growing concern for the government due to its ageing population. As such, to ensure that the population remains healthy through various solutions. One of which includes the Singapore PR and Citizenship schemes.
While a Singapore PR may not be easily obtained by one, trust us, you are still in demand to contribute to the growing society’s population. Applicants who show high integration and commitment to the nation are seen as potential candidates to help fill the rising gap in our ageing population. If you are keen to apply as a family unit or start a family here, you might even potentially stand a higher chance for your upcoming Singapore PR application!
Verdict
In all, we urge you to stop waiting! The right time is never in the future! We have seen many who have missed out on their golden opportunity for SPR status for years simply because they were waiting for “the right time”. Grab the chance now and start acting on your reality today!
Book an appointment with us today!
Disclaimer: All information is true as of time of publish in June 2023, information and data may change beyond this date. For most updated information, always refer to relevant site before making decisions. Kenneth & Co disclaims any liability for any harm caused by using the information provided.
