Singapore to launch new work pass in 2023 to attract global talent

Highlights of Singapore’s new work pass

• Singapore has entered into the competition of finding global talent for the sectors that are spread across Singapore.
• A new work pass that is called the pass Overseas Networks and Expertise has been announced by Singapore especially designed for highly-skilled that allows to pay high and achieve a great position to live in the city, without possessing a job in the first place.
• The Overseas Networks and Expertise pass will get launched from January 1, 2023, with a validity of five years.
• A Complementarity Assessment Framework (Compass), a point-based framework is an upcoming initiative by Singapore that evaluates the Employment Pass (EP) applicants on the set of attributes that are individual and firm-related. This will be applied from September 1, 2023.
• The processing time for the EP applicants is been reduced to 10 business days from three weeks.
• The Ministry of Manpower (MOM) will provide a five-year EP to well-experienced professionals who can fill in the occupations in technology that come under Compass Shortage Occupation List.

A new initiative by Singapore government to attract global talent

Singapore has taken a new initiative in order to compete productively to search for global talent like other countries. This is one of the powerful initiatives among many others to reinforce Singapore to continue as a global talent hub says Manpower Minister Tan See Leng.

Singapore has introduced a new work pass from 2023 to get global talent for necessary sectors which allows highly talented and high-income citizens to stay in the city-state even though without getting the job in the first place.

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The new Overseas Networks and Expertise Pass

A new Overseas Networks and Expertise Pass will be launched from January 1, 2023, which is proposed to attract talent from any sector who draws a salary of SGD 30,000 per month or above and can be considered as one of the top 5% of Employment Pass (EP) holders or holding prominent accomplishments in the areas of Science and technology, research and academia, or sports, or arts and culture.

Many alterations have been planned which include requirements for job advertising based on the minor adjustments and the balanced framework for the current available Employment Pass (EP) Scheme. These necessary updates will make businesses acknowledge faster to the needs of operations.

Manpower Minister, Tan See Leng.

To accommodate the skills that are present in shortage areas, Singapore is making everything ready that could accommodate the work pass framework with necessary enhancements to attract highly talented and well-experienced tech professionals.

 Tan says “there are many countries that turning inwards due to the pandemic and many other existing conditions or on their way to search and compete in the global talent. Considering the present circumstances, we do not want to leave any investor to have doubts in investing or continue investing in Singapore, by thinking whether Singapore stays open or not”

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 Eligibility for the new Overseas Networks and Expertise pass

• The new pass holders can begin working and operating for multiple companies in Singapore at any once, whereas the previous typical EP program, is mostly based on the particular job that the pass holder is working.
• This new pass has a validity of a five-year work pass, whereas the typical EP lasted that holds for two to three years.
• The new pass holders also can sponsor the dependents and their spouses who are allowed to work provided a Letter of Consent must be obtained.
• The foreign nationals who do not have any late history of employment in Singapore must provide proof that they have worked or have been working for a well-established company that has a market cap of a minimum of USD 500 million or has annual earnings of USD 200 million.

 New additions to the EP scheme

 There is a new pass that is about to get launched, and new additions and upgrades are about to happen from September 1 of 2023 for the existing scheme.

 A new standard or a benchmark that will be launched and aligned to the pass holders who are considered in the top 10%, will be excepted from the advertising requirements of a job under the Fair Consideration Framework or forthcoming Complementarity Assessment Framework (Compass).

 Compass, a point-based framework

• Complementarity Assessment Framework (Compass), is a framework that is point-based and is used to assess the Employment Pass (EP) applicants’ integrated information of attributes that are based on individual and firm.
• This Compass will get applied to the new applicants also from September 1, 2023.
• The monthly income benchmark will be altered from SGD 20,000 to SGD 22,500 per month.
• If the applicant is planning to have a personalized pass will be made to SGD 22,500.

Personalized Employment Pass

The Personalised Employment Pass is usually for high-income EP holders and for foreign nationals working overseas, which offers high flexibility than the regular EP. Because it is not closely bound to an employer, and moreover there is no need to reapply for the pass if the pass holders change jobs.

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Important points to remember

• From September 1, 2023, the Fair Consideration Framework advertising duration for a job will be lessened to 14 days from 28 days. This means to respond to the business needs, the companies need to advertise for the job for only 14 days before recruiting an EP holder.
• In October 2020, the duration was extended to 28 days, to provide enough time for job seekers to search for a job due to the weak job market. As now the economy has recovered better, the duration is been reduced.
• Using technological advances, the processing time for EP applications has been fastened from three weeks to 10 business days for 85% of online applications.
• Issuance of the EP will be notified to the employers by the MOM.
• MOM offers a five-year EP especially to highly skilled and experienced professionals by filling up certain tech occupations that are in shortage based on the Compass shortage occupation List.
• The job seekers have to qualify for the salary criteria of a minimum of SGD 10,500.

Compass Shortage Occupation List

Compass Shortage Occupation List is being made up by understanding the industry needs and inputs, associations of trade, and many other partners.

Conclusion

 With the proposed enhancements, many experienced and highly qualified tech professionals can make a decision on relocating to Singapore which will help encourage the tech capabilities in the country Want to migrate to Singapore? Talk to Y-Axis, the world’s no.1 overseas immigration consultant.

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