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) on Thursday 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, 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.
Qualifying salaries for older and more experienced EP candidates in the financial services sector will also be raised, with those in their 40s needing to meet about double the minimum qualifying salary for the youngest applicants, the manpower ministry said.
For renewal applicants, the new salary criteria will come into effect from May 1, 2021.
"Salaries in the financial services sector have been consistently higher than in other sectors. The sector also continues to hire and has been attracting strong interest from local jobseekers with good qualifications," the MOM said.
Source INKL
