Banks get around TAFEP by transfering their foreign staff to Singapore. It is cheaper that way for the banks and many of their foreign staff in India, China, the Philippines, Malaysia are more than happy to relocate, getting a pay jump and a good stepping stone.
The banks don’t have to pay CPF to their FT. These FTs are a source of competition to Singaporeans who have to lower their expectations. In fact, many banks have outsourced their back office operations to low cost countries and retrenched their local staff here. Then they bring in their foreign staff to Singapore at a lower cost and replace the more expensive senior staff here.
It happens in other industries as well I believe.
Vote out PAP