Earn $67,200 with new salary hike in Singapore now

Highlights: New salary hike for foreign professionals in Singapore

• The minimum salary requirement for foreign professionals and executives will be increased in Singapore. 
• The salary for foreign professionals will be increased to S$5,600 from S$5,000 per month. 
• Workers in the financial sector holding an employment pass will receive a salary hike of S$6,200 from S$5,500. 
• Singapore had 197,300 foreign workers on employment pass in June of last year. 

 

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Singapore to raise the salary requirement for foreign professionals 

Singapore will raise the minimum salary requirement for foreign professionals and executives that organizations can hire beginning next year. 

 

Beginning in January of next year, foreign professionals seeking employment passes reserved for well-paid professionals will be required to earn a minimum salary of S$5,600 ($4,170) per month, an increase from the present requirement of S$5,000.

 

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Salary increase for workers in the financial sector in Singapore 

According to the Ministry of Manpower, those individuals in the financial sector holding an employment pass (EP) will have a salary hike of S$6,200 from S$5,500. The ministry stated that this move aims to maintain a level playing field for locals and ensure that EP holders are of high quality.

 

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197,300 foreign workers had employment passes in Singapore 

As of June last year, there were 197,300 foreign workers on employment passes out of a total foreign workforce of 1.5 million in Singapore. 

Since the beginning of the pandemic in 2020, the minimum salary requirement for hiring foreign workers has been increased three times from S$4,500 to S$5,000, which took effect in September of last year. 

 

Steps to apply for a Singapore work visa

Step 1: Obtain a job offer in Singapore

Step 2: If you are in your home country, then your employer or an Employment Agency (EA) will submit a work visa application via EP online

Step 3: After the application is accepted, your employer will receive an In-Principle Approval (IPA) letter

Step 4: The IPA letter allows you to move to Singapore

Step 5: After you reach Singapore, your employer or an EA applies via EP Online to receive your Singapore work visa

Step 6: Once you get your work Pass, a notification letter will be sent to you, which includes all the details

Step 7: Within two weeks of receiving your pass, you will be required to register at the Employment Pass Services Centre, and once you register you will be provided with a Pass Card within four working days

 

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