Posted on March 06 2024
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Singapore will raise the minimum salary requirement for foreign professionals and executives that organizations can hire beginning next year.
Beginning in January of next year, foreign professionals seeking employment passes reserved for well-paid professionals will be required to earn a minimum salary of S$5,600 ($4,170) per month, an increase from the present requirement of S$5,000.
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According to the Ministry of Manpower, those individuals in the financial sector holding an employment pass (EP) will have a salary hike of S$6,200 from S$5,500. The ministry stated that this move aims to maintain a level playing field for locals and ensure that EP holders are of high quality.
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As of June last year, there were 197,300 foreign workers on employment passes out of a total foreign workforce of 1.5 million in Singapore.
Since the beginning of the pandemic in 2020, the minimum salary requirement for hiring foreign workers has been increased three times from S$4,500 to S$5,000, which took effect in September of last year.
Step 1: Obtain a job offer in Singapore
Step 2: If you are in your home country, then your employer or an Employment Agency (EA) will submit a work visa application via EP online
Step 3: After the application is accepted, your employer will receive an In-Principle Approval (IPA) letter
Step 4: The IPA letter allows you to move to Singapore
Step 5: After you reach Singapore, your employer or an EA applies via EP Online to receive your Singapore work visa
Step 6: Once you get your work Pass, a notification letter will be sent to you, which includes all the details
Step 7: Within two weeks of receiving your pass, you will be required to register at the Employment Pass Services Centre, and once you register you will be provided with a Pass Card within four working days
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Web Story: Earn $67,200 with new salary hike in Singapore now
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