Rather, it is to enable the entry of high-quality global talent in a more transparent and flexible way to complement the local workforce in Singapore. The enhanced framework has three key features that facilitate bringing in of talent that businesses need. First, the framework is based on a transparent points-based system. It clearly lists out the criteria that will be assessed for each application. Second, the system is more flexible. If an application for an employment pass falls short in certain criteria, the shortfall can be offset by scoring well in other criteria. Third, the framework facilitates applications where there is a skills shortage locally for specific job roles. A list of job roles where there is local shortage, will be developed for each sector. We want this list to reflect the needs of our financial institutions. MAS will be seeking the industry’s inputs in the next 1 to 2 months, to identify job roles where there is a shortage. The framework has been designed such that most existing employment pass holders will have no problem meeting its requirements. Of course, some financial institutions may need to adjust their workforce profiles, as they transition to the new framework. But they will have ample time to make these adjustments – at least 15 months for new employment pass applications and 27 months for renewals. MAS will work closely with financial firms to ensure they have access to the talent they need to grow and that is in short supply locally.
Mervyn King: A Governor looks back – and forward Speech by Mr Mervyn King, Governor of the Bank of England, at the Lord Mayor’s Banquet for Bankers and Merchants of the City of London, London, 19 June 2013. *  *  *  My Lord Mayor, Ladies and Gentlemen: Chancellor: thank you for those generous words. It has been a privilege to work with you over the past three years, a period of great change both at home and abroad. Your support for the Bank has been much appreciated at this end of town, and you have changed for the better the regulatory framework that oversees the City. But we both know that the past few years would have been much more difficult without the continual support of two people. And I am so pleased that both Frances and Barbara are with us tonight. And I’m particularly happy, George, that neither you nor I have to speak after either of them because experience suggests that we would suffer from the comparison. Lord Mayor: let me thank you too for presiding over my final Mansion House Dinner. We have enjoyed many musical evenings together, and Barbara and I look forward to sharing many more with you and Clare after you shed the chains of office later this year. The City has been extremely fortunate to benefit from your energy, drive and can-do attitude as Lord Mayor. I shall not detain you this evening with a retrospective examination of my time as Governor.