According to the Straits Times report, Singapore plans to raise the salary threshold for foreign workers from next year, as it seeks to create better and more job opportunities for locals, citing Manpower Minister Tan See Leng.
From Jan 1, 2025, foreigners will need to earn a minimum monthly salary of S$5,600 (US$4,170) to qualify for an employment pass (EP), up from S$5,000, the newspaper cited Tan as saying in Parliament discussing the budget on Monday (Mar 4, 2024).
Financial services professionals will need to earn at least S$6,200 per month, up from S$5,500, given the sector’s higher wage norms.
The minimum qualifying salary for EP applicants in their mid-40s will increase to as much as S$10,700, and up to S$11,800 for those in the financial services sector.
Singapore last year revamped its visa programme for foreigners.
The city introduced a new Overseas Networks and Expertise (ONE) pass and raised the salary threshold for other categories of visas, as part of efforts to attract the best talent to the city-state.
Almost 4,200 One Pass applications had been approved as of Jan 1, the Straits Times said.
Singapore will continue to attract top talent to grow the economy and ensure that firms develop their local workforce and treat locals fairly, the Straits Times quoted Tan as saying.
The city-state is also raising its retirement age as a broader plan to maintain a sizeable working population.
The retirement age will be raised by one year to 64 on July 1, 2026, the Straits Times reported.
Employers will also be required to offer to re-employ workers as old as 69 years, up from 68 years. – Bloomberg/The Straits Times
