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. 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. The MAS said it worked with the MOM to determine the new minimum qualifying salary for those in the financial services sector, and took into account the higher local salary levels for those in the sector. This “calibrated increase” in the minimum qualifying salary will allow financial institutions to complement their local workforce by “tapping on a global talent pool for the specialised skillsets that the financial sector needs,” said the MAS.

Source: The Hindu August 28, 2020 01:47 UTC