In 2017, the highest number of people (22,102) in the last 10 years obtained citizenship, while 31,050 people obtained permanent residence in Singapore. The number of permanent residents has increased steadily to 527,000 from 287,500 in 2010. Immigration is key to Singapore's development, introduced to address the challenges of an aging population and our future economy as well as to help Singapore to progress towards the goal of becoming the “land of talents”. capital” of the world economy. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Singapore now faces the challenge of an aging society and an aging population. By 2030, the number of working age citizens relative to those aged 65 and over will fall from 5 to 2, leading to a shrinking workforce and a challenge to maintaining an ideal economy. Population aging will result in a 1.5 percentage point drag on gross domestic product growth per capita each year until 2060, the social cost of caring for the elderly population will increase as well as a decline in productivity of the workforce due to the mismatch of residents' skills with a constantly changing environment. market demands. Immigration brings in 20,000 to 25,000 new citizens per year, so it remains important in creating new citizens to quantitatively strengthen the population to ensure that Singapore can continue to introduce and develop businesses, thereby contributing to growth. higher economic rate (today) despite the decline. workforce. Foreign talent also represents a greater availability of workers, which allows companies to achieve higher returns on capital and increase their investments. Immigration made up Singapore's population. Usually, from the second generation onwards, they will feel a sense of belonging to Singapore, where these young immigrants are helping to boost entrepreneurship and broaden the tax base. Additionally, immigrants who join the workforce will contribute to the economy just like Singaporeans, by paying a fair share of taxes such as income tax and property tax, CPF payments and GST, which also reduces the tax burden on (self-employed) citizens. In addition to helping spark new ideas and innovations that fuel a vibrant, job-creating economy, the contributions of foreign talent are important as some care for the sick and care for the elderly, build houses, roads and maintain our domains. Singapore has achieved remarkable results. of moving from the third world to the first world and having developed thriving world-class industries, such as petrochemicals, which are credited and highly dependent on foreign talent to grow in these areas. Singapore being renowned for its strategic geographical position and its efficiency as a business hub, the government wishes to take a further step in its industrialization thanks to high technologies in order to respond to global competition. According to TODAY Singapore, despite their intention to focus on information technology, technology and e-commerce startups say they face a severe shortage of skilled workers in the fields of engineering, communication technology, data analysis and cybersecurity (time of crisis). Therefore, it is beneficial for Singapore to bring in talent.