Singapore Amends Minimum Salary Requirements For Employment Pass
Singapore’s ministry of manpower in order to encourage local staffing and hiring have made few amendments for the minimum salary to be paid by the companies based in Singapore. The announcement made several repercussions on the salaries of froing professionals and foreign mid-skilled employees. The amendment which is effective from 1st September 2020 has a considerable impact on two types of work visas: Singapore employment pass (EP)and S pass.
The ministry also made an announcement focusing on S pass wherein it has required companies to follow fair consideration framework advertisement norms to ensure that such specialization jobs are more offered to local candidates rather than hiring a foreign candidate for the same. They gave a special mention that companies should employ foreign candidates for specialization jobs only if they are unable to source a local candidate for a position.
What Is The Reason Behind Changing Qualifying Salaries?
The Singapore government’s criteria for approving work passes are updated periodically taking into consideration the demand, supply, global markets, economic reforms and much more. Every year the government receives hundreds of Singapore employment pass applications by foreign candidates looking out for employment opportunities and career scope in Singapore.
However, the Singapore government aims at promoting the interest of local citizens and providing them with immense employment opportunities. But due to the COVId-19 Global pandemic, the country has suffered a great economical debacle. Its economy has suffered a lot though, most of the businesses have started resuming their work and activities. The stability is something which is still missing in the market. In such scenarios, some amendments are necessary to promote the interest of local candidates and provide them with some assurance.
The Minimum salary requirement of Singapore Employment pass and S pass is an extension of their job support scheme. By this amendment, the government acknowledges the Singapore Employment application and encourages companies to grow, foster and expand local talent.
What Are The Employment Pass Salary Requirements?
Singapore Employment Pass allows managers, employees and professionals to work and live in Singapore. Every year several candidates wishing to explore immense career opportunities in Singapore apply for employment pass application. The EP is primarily to work in Singapore. However, the candidate must meet some qualification and education criteria to qualify for Singapore Employee Pass Application. The minimum EP qualifying salary as on 1st May 2020 was $3,900 however with the new amendment it is raised to $4,500. This qualifying salary is applicable for all new applicants wishing to apply for the Singapore Employment Pass.
Apart from this, the government has also increased the minimum salary for a Singapore employment pass for jobs in the financial sector. Earlier it was $4500 and with effect from December 1st 2020, it is $5000. Singapore’s ministry of manpower has also made vital modifications in the minimum qualifying salary of S pass applicants as well.
The Bottom Line
Despite several changes and amendments in the employment policy. Singapore is one of the potential markets offering a plethora of job opportunities and career scope. Immigration solutions in Singapore are also simplified as compared to other countries. This has encouraged several global and national; companies to expand, grow and flourish their business and Singaporean markets and achieve newer heights. After all, Singapore is one of the most stable and emerging markets for global trade.