Many foreigners - more than 100,000 each year, mainly transient workers, but also including new citizens and permanent residents - had been imported in the last few years as the economy had been booming and needed more workers, he said.

But Singapore is not expected to grow at the same rate, so it will not admit foreigners at the same pace, he explained.

"We permitted the surge in recent years to respond to this extraordinary opportunity. We always knew that we couldn't sustain this inflow indefinitely," he said at the Nanyang Technological University Students' Union Ministerial Forum.

He was cognisant that the large inflow of foreigners has increasingly worried Singaporeans, who fear competition for jobs and societal changes posed by the newcomers.

But he reiterated Singapore's need for both foreign transient workers and immigrants. The workers take up jobs that are unpopular with Singaporeans, making it more viable for foreign firms to run here.

The immigrants shore up falling birth rates, and make the nation more entrepreneurial.

This can be seen in the case of Israel, which, despite a small population of seven million, has the most number of companies listed in the United States stock exchange after the US itself, because it took in talented immigrants, Mr Lee said.

"Over the long term, we need to bring in a continuing flow of immigrants," he added. "But we have to do it in a way which is mindful of how quickly our society can absorb and integrate the new arrivals, and to keep the tone of our society...We will adjust the inflows so that we will not dilute our national identity, or weaken our social cohesion."

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Who is eligible for PEP?

The following groups of foreigners will be eligible for PEP:

• Overseas foreign professional whose last drawn fixed monthly salary overseas was at least S$7,000

The last drawn fixed monthly salary overseas should be no more than six months from the time of the application.

• Former P1 Pass holders who are residing overseas

Former P1 Pass holders should not be unemployed for longer than a continuous period of six months at the point of application.

• P1 Pass holders

P1 Pass holders will be accorded in-principle approval for the PEP upon application.

• P2 Pass holders

P2 Pass holders that have at least two years' working experience on a P Pass. They should earn a fixed salary of at least $30,000 in the preceding year.

• Q1 Pass holders

Q1 Pass holders with at least five years' working experience on a Q1 pass. They should earn a fixed salary of at least $30,000 in the preceding year.

• Foreign graduates from institutions of higher learning in Singapore

Foreign graduates from institutions of higher learning in Singapore with at least two years' working experience on a P or Q1 Pass. They should earn a fixed salary of at least $30,000 in the preceding year.

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Is my employment pass application approval guaranteed ?

Possessing a recognised qualification does not automatically guarantee a successful EP application, as the applicant may need to satisfy other criteria such as relevant work experience or professional skills. Similarly, an applicant who does not possess a recognised qualification may not necessarily be rejected for EP, if he possesses other compensating factors.

What are the types of employment pass categories?

There are three categories of Employment Pass: P1, P2 and Q1 Pass. The P Pass is for foreigners seeking professional, managerial or executive and specialist jobs.

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• Spouse and unmarried children (below 21 years old) of a Singapore Citizen (SC) / Singapore Permanent Resident (SPR)
• Aged parents of a SC
• P, Q or S work pass holders
• Investors/Entrepreneurs

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Job seekers can use this list to help plan their career. In view of the expected demand for, and shortage of people with such skills, the Ministry of Manpower (MOM) will also accord added consideration to Employment Pass/S Pass applicants possessing such skills.

MOM will regularly update the Strategic Skills List to take into account broader labour market trends and information.

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