Here is my take on the matter:

I work in the IT industry. This is an industry infested with FT. In the last 2 years, I moved from a struggling SME (startup with millions of foreign VC money but still generating significant losses) to an industry-leading MNC.

Struggling SME
1) To begin with, no Singaporeans were even submitting their resumes. We went to NTU/NUS career fairs and all the undergrads/postgrads submitting resumes were all foreigner studying in sg. Where are all the local IT students?
2) We typically hired foreigners by having coding contests organised by our VC. We would invite the winners to have a chance to interview.
3) Raising of EP min salary was a big concern. MOM told us specifically that to get an EP approved we had to raise out minimum salary to 4500. It was hard to justify raising our salary when the company was still generating losses.
4) Sometimes our EP submitted were rejected by MOM. We would then talk to our VC who knew government contacts to get the visas approved on a case-by-case basis. This didn't happen very often.
5) Companies now has about 40 staff in Singaporean. All on EP. There are no more Singapore-bored Singaporeans in this company. Even HR, Finance, admin folks are foreigners.

Industry-leading MNC:
1) We offer fresh grad software engineer starting pay of SGD5k+. We don't even ask about your visa status when applying for job.
2) However we don't have many openings for fresh grad. In a given year, we only hire 2-5 students.
3) Typically, we hire mostly experienced hires or internal transfers. Most of the internal transfers are from India and we bring their pay to singaporean levels. Definitely not underpaid.
4) Most of the staff are non-singaporeans.
5) During NTU/NUS career fairs, 90% of resumes submitted are foreigners studying at local uni. Where are all the local IT students again?

For a struggling SME, the increased EP requirements will have a significant impact.
For an MNC with lots of money, the new EP requirements will not make any difference. Our offering salary is already significantly higher than MOM guidelines.