Singapore City: Singapore government has decided to raise minimum salary criteria for foreign workers. The Ministry of Manpower (MOM) in Singapore has announced this.
The Employment Pass (EP) minimum qualifying salary is being increased from $5,000 to $5,600 per month. The qualifying salary will continue to increase progressively with age, up to $10,700 for a candidate in their mid-40s. The Employment Pass allows foreign professionals, managers, and executives to work in Singapore.
The benchmark for the Employment Pass (EP) qualifying salary is based on the top one-third of local PMET1 wages, to ensure that EP holders are of high quality. The EP qualifying salary is reviewed annually against the benchmark.
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The Employment Pass minimum qualifying salary for the Financial Services sector will be raised from $5,500 to $6,200 per month. This will also continue to increase progressively with age, up to $11,800 for a candidate in their mid-40s.
The revised EP qualifying salary will apply to new EP applications from 1 January 2025, and to renewal applications from 1 January 2026.
Singapore government is also raising the local qualifying salary (LQS) limit. Firms hiring foreign workers are required to pay all their local workers at least the LQS. The Government will raise the LQS from $1,400 to $1,600 per month which will be at least $1,600 per month for full-time local workers or at least $10.50 per hour for part-time local workers. These changes will be implemented from 1 July 2024.
Policy changes for the Marine Shipyard sector will include reducing the Dependency Ratio Ceiling (DRC) from a ratio of 1 local employee to 3.5 Work Permit Holders (WPHs), to 1 local employee to 3 WPHs) and increasing the levy from $400 to $500 for ‘Basic Skilled’ WPHs, and $300 to $350 for ‘Higher Skilled’ WPHs. These changes will take effect from 1 January 2026.
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