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Singapore plans to increase minimum qualifying salaries for foreigners

Date: 29 August 2020 Tags: Miscellaneous
  • 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 Monetary Authority of Singapore (MAS) said it supports the move by the Ministry of Manpower (MOM).
  • The increase in salary will provide further support for the hiring of Singaporeans in the financial services sector.
  • 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.