For those seeking employment in Singapore, it is essential to take note of the new regulations recently implemented by the Singaporean government. The Ministry of Manpower (MOM) in Singapore has announced a significant change in its foreign worker policy by increasing the salary criteria for foreign executives and professionals who can be hired by companies starting next year.
Starting January next year, foreign job seekers who typically obtain an Employment Pass (EP) must earn a minimum of S$5,600 ($4,170) per month, up from the current requirement of S$5,000. This qualifying salary will also continue to increase progressively with age, reaching $10,700 for candidates in their mid-40s.
Workers in the financial sector will experience an increase in the minimum qualifying salary, rising to S$6,200 from the previous S$5,500. The minimum salary requirement for candidates in their mid-40s will also rise to $11,800.
Regarding this salary increment, Minister of Manpower Tan See Leng has stated that the minimum qualifying salary requirement for the Employment Pass (EP) will continue to rise gradually with age.
The Employment Pass is a visa type issued for foreign professionals, managers, and executives to work in Singapore. The minimum qualifying salary for the Employment Pass (EP) is determined based on the top third of local PMET1 salaries, ensuring high standards for EP holders. Every year, the minimum qualifying salary for EPs is reviewed based on these standards.
The revised and qualifying minimum salary will be enforced for new Employment Pass (EP) applications starting January 1, 2025, and for renewal applications starting January 1, 2026.
As of June last year, Singapore had approximately 197,300 Employment Pass holders, with the total foreign workforce in Singapore being around 1.5 million, nearly a quarter of the total population.
Since the onset of the pandemic in 2020, the salary threshold for recruiting foreign workers has increased three times, with the previous adjustment from S$4,500 to S$5,000, which took effect in September last year.
