SINGAPORE: Singapore is raising by S$500 the minimum salaries required to qualify for several work permits from Sept 1.
The Employment Pass (EP) minimum qualifying salary is raised from S$4,500 to S$5,000 while the EP for the financial services was raised from S$5,000 to S$5,500.
The minimum qualifying salary for new S Pass applicants will be raised from S$2,500 to S$3,000 and a new minimum qualifying salary of S$3,500 will be introduced for financial services.
The changes were announced in the Singapore government’s 2022 budget introduced in Parliament today by finance minister Lawrence Wong.
Wong said: “EP holders should be professionals and senior executives who can contribute to our economy, sharpen the skills of those they work with, and strengthen our workforce.” The republic will ensure that EP holders are comparable in quality to the top one-third of its local Professionals, Managers, Executives, and Technicians workforce.
Beyond the qualifying salary, the republic will refine how it assesses EP applications to improve the complementarity and diversity of its foreign workforce and also to increase certainty and transparency for businesses.
Applicants for the S Pass will face an increase in the qualifying salary and it will be done in phases. The qualifying salary will be raised to S$3,000 in September, and would be raised in September next year, and again in September 2025.
The S pass allows mid-level skilled staff to work in Singapore. - FMT
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