SINGAPORE, Feb 18 — Singapore is adjusting its foreign worker policies that will see among others the Employment Pass (EP) minimum qualifying salary raised from S$4,500 to S$5,000.

The republic will ensure that EP holders are comparable in quality to the top one-third of its local Professionals, Managers, Executives, and Technicians (PMET) workforce.

The Financial Services sector meanwhile will continue to have a higher EP minimum qualifying salary, which will be raised from S$5,000 to S$5,500.

These changes will apply to new EP applications from Sept 1, 2022, and to renewal applications from Sept 1, 2023.

This was announced by the republic’s Minister for Finance Lawrence Wong who delivered the Singapore Government’s Budget Statement for Financial Year 2022 in Parliament here today.

"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,” he said.

Beyond the qualifying salary, Wong said 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.

Likewise, S Pass holders will also see an increase in the qualifying salary and it will be done in phases.

In the first step, the minimum qualifying salary for new S Pass applicants will be raised from the current S$2,500 to S$3,000 in September this year.

"We will introduce a higher minimum qualifying salary of S$3,500 for the financial services sector. The qualifying salaries for older S Pass holders will also be raised in tandem.

"Thereafter, the minimum qualifying salary for new S Pass applicants will be raised in September next year, and again in September 2025,” he said.

The S pass allows mid-level skilled staff to work in Singapore. — Bernama

TAGS : , Budget, Foreign Worker Policy