The qualifying salary for those in the financial industry will increase from S$5,500 to S$6,200.
Singapore:
The Singapore government announced on Monday that it will increase the salary standards for foreign executives and professionals employed by companies starting next year.
From January next year, foreigners must earn S$5,600 ($4,170) or more per month (currently S$5,000) to qualify for a so-called Employment Pass, which is usually granted to well-paid professionals.
The qualifying salary for those in the financial industry will increase from S$5,500 to S$6,200.
The Ministry of Manpower said the move aims to “ensure that the quality of EP (Employment Pass) holders is high and maintain a level playing field for locals”.
Southeast Asia’s financial hub has long been a popular location for foreign companies to set up regional headquarters, and foreign labor has been a thorny issue, with local residents worried about competition for jobs.
As of June last year, Singapore’s total foreign workforce was about 1.5 million, including 197,300 foreigners holding employment passes. The country has a population of 5.9 million.
Since the outbreak of the epidemic in 2020, the minimum salary limit for hiring foreigners has been raised three times. The last adjustment took effect in September last year, from S$4,500 to S$5,000.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
