Singapore has implemented new rules for foreigners seeking to work in the country. This was unveiled by Singapore's Ministry of Manpower. The new move is aimed at maintaining a balanced workforce and high standards, especially for those seeking the Employment Pass.
The minimum monthly wage required to qualify for an Employment Pass (EP) in Singapore will rise from S$5,000 to S$5,600, with age-based increases up to S$10,700 for those in their mid-40s. The goal of the adjustment is to guarantee top-tier personnel, with yearly evaluations in line with industry patterns, and compensation in the upper third of regional managers, executives, and technicians.
The Financial Services industry will
see a rise in the minimum qualifying wage from S$5,500 to S$6,200 per month.
For older candidates, the pay will grow gradually to S$11,800. Effective
January 1st 2025, the updated EP qualifying wages will apply to both new
and renewed employment.
Starting on July 1, 2024, the government will raise the minimum pay for local workers who hire foreign workers. Full-time employees will now get S$1,600 per month, while part-timers will make S$10.50 per hour.
To promote employing more local workers, the Ministry of Labor (MOM) intends to lower the Dependency Ratio Ceiling (DRC) in the Marine Shipyard sector from one local worker to 3.5 foreign work permit holders (WPHs). Furthermore, starting on January 1, 2026, the government will raise levies on WPHs, increasing the tax for "Basic Skilled" WPHs from S$400 to S$500 and the levy for "Higher Skilled" WPHs from S$300 to S$350.
To strike a balance between luring talent and providing employment chances for locals, Singapore is tightening its regulations for foreign workers. This will allow employers to invest in recruiting and training local workers, while also guaranteeing that top-tier international experts will continue to support the country's economy.
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