EP qualifying salary to increase from 1 January 2025
Last updated on 5 April 2024
In line with the Government’s efforts to ensure that Singapore’s foreign workforce brings high-level skills, the Employment Pass (EP) qualifying monthly salary for new applicants will be raised to S$5,600, up from S$5,000. The qualifying salary for the financial services sector will increase to S$6,200, up from S$5,500 currently. These changes will take place from 1 January 2025. For EP renewal applicants, the new qualifying salary will not take effect until 1 January 2026.
Singapore’s Minister for Manpower, Mr Tan See Leng, said in Parliament that the EP qualifying salary will continue to increase with the applicant’s age. The changes are to maintain the skills and experience of EP holders at a high level and to ensure that the cost of hiring an EP holder remains in line with the top one-third of local professional, managerial, executive and technician (PMET) salaries in Singapore.
Another change for EP is extending the Complementarity Assessment (Compass) framework to all EP renewals from 1 September 2024. Currently, Compass is only used for new EP applications. Compass is a points-based framework used to evaluate individual EP applicants and their prospective employers for the issuance of EPs.
According to MOM, the changes were announced early to give companies enough time to respond and consider the changes in their hiring plans. The changes also encourage companies to develop local talents and hire local PMETs. Companies that need support in their hiring can approach companies offering immigration services in Singapore.
