Singapore is overhauling visa rules to attract foreign workers and ease a tight labor market that’s contributing to wage and price pressures, Bloomberg reported.

The new rules will allow foreigners earning a minimum S$30,000 ($21,431) per month to secure a five-year work pass, with a provision to allow their dependents to seek employment, according to the Ministry of Manpower. Exceptional candidates in sports, arts, science and academia who don’t meet the salary criteria are also eligible for the long-term visa under the so-called Overseas Networks and Expertise (ONE) pass that will take effect January 1.

Effective September 1 next year, Singapore plans to exempt jobs, comparable to those held by top 10% of Employment Pass holders, from the need to be advertised locally before hiring foreigners under a system called Fair Consideration Framework. The duration of FCF advertisements, where applicable, will be halved to 14 days, the ministry said, adding that processing time for all EP applications will be cut to 10 business days from the current maximum three weeks.