18th March 2024 –Those looking for work in Singapore must be aware of the new regulations that the Singaporean government has implemented. Singapore’s Ministry of Manpower (MOM) has declared major changes to its policies regarding overseas workers.
The monthly minimum qualifying salary for an Employment Pass (EP) is being raised from $5,000 to $5,600. The qualifying salary will rise steadily with age, reaching $10,700 for a candidate in their mid-40s at the highest point. This keeps the playing field level for residents of all ages. Foreign managers, executives, and professionals are permitted to work in Singapore with the Employment Pass.
To guarantee that EP holders are of the highest calibre, the benchmark for the Employment Pass (EP) qualifying pay is based on the top one-third of local PMET1 earnings. Every year, the EP qualifying wage is assessed in comparison to the benchmark.
Conclusion
The government is also raising the local qualifying salary (LQS) ceiling in Singapore. Employers of foreign nationals must pay all of their domestic employees at least the LQS. The LQS will increase from $1,400 to $1,600 per month, meaning that full-time local employees will receive at least $1,600 per month, and part-time local employees will receive at least $10.50 per hour. These modifications will take effect on July 1, 2024.
