The minimum qualifying salary for new S Pass applicants will be raised from the current S$2,500 to S$3,000 in September this year.
For the financial services sector, the government will introduce a higher minimum qualifying salary of S$3,500. Finance Minister Lawrence Wong added that the qualifying salaries for older S Pass holders will also be raised in tandem.
The aim is for S Pass holders to be comparable in quality to the top one-third of local associate professionals and technicians, Mr Wong said.
The minimum qualifying salary for new S Pass applicants will be raised same time next year, and again in September 2025, with specific salary values to be announced closer to the implementation date based on the local wages then.
For renewal applications, the changes will apply a year later, just as with Employment Pass (EP) holders. To better manage the flow of S Pass holders, the Tier 1 levy will also be progressively raised from the current S$330 to S$650 by 2025.
Employment Pass qualifying salary raised too
The minimum qualifying salary for new EP applicants will be raised from the current S$4,500 to S$5,000 from September, Mr Wong also announced during the Singapore Budget 2022.
For the financial services sector, which has higher salary norms, this will be raised from the current S$5,000 to S$5,500. This is to ensure that incoming EP holders are comparable in quality to the top one-third of the local professional, managerial, executive and technical (PMET) workforce, Mr Wong said.
The qualifying salaries for older EP applicants, which increase progressively with age, will also be raised in tandem. For renewal of applications, these changes will apply from September next year to give businesses time to adjust.
Besides the salary, the government will also refine how EP applications are assessed to improve the complementarity and diversity of the foreign workforce, and increase certainty and transparency for firms.
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