Vastavam web: Singapore’s Ministry of Manpower is planning to increase the minimum qualifying salary to $3,659 for entry-level employment pass for foreigners in the financial services sector. The salaries are being raised for foreigners entering the Singapore workforce under Employment Pass (EP) following Singaporeans job loss concerns raised during the July 2020 general elections. The increase in salary will provide further support for the hiring of Singaporeans in the financial services sector, the Channel News Asia reported citing MAS, the de facto central bank.
On Thursday, the MOM announced that the minimum qualifying salary for all EP candidates will be raised by 600 Singapore dollars to 4,500 dollars from September 1. For EP candidates in the financial services sector, this will be increased by a further 500 dollars to 5,000 dollars from December 1. It is the first time the manpower ministry is setting higher qualifying salaries for a specific sector.