The Ministry of Manpower, on Monday, August 29, announced several changes to its Employment Pass framework in its effort to attract top talents to Singapore.
The changes will include:
- The MOM will restore the original duration of 14 days for the Fair Consideration Framework job advertising requirement. This change will be in effect as of September 1, 2022.
- EP holders working in tech occupations with a shortage of workers will qualify for a five-year EP, up from the usual two to three years.
- The processing time for EP applications will be reduced from three weeks to 10 days.
- The MOM will also raise the Personalized Employment Pass salary criterion to SGD$22,500.
- For now, foreigners earning a monthly salary of SGD 20,000 or more are granted exemptions from Labor Market Testing. However, the exemption bar will be raised for those earning at least SGD 22,500 monthly.
- The MOM will introduce a new work pass — the Overseas Networks and Expertise (ONE) Pass or Signature Pass— to attract top foreign talent with valuable networks and deep skills and expertise from all sectors.
- This five-year work pass allows foreigners earning at least SGD$30,000 a month to start, operate, and work for multiple companies in Singapore simultaneously.
- Candidates with no recent employment history in Singapore will need to demonstrate that they have worked or will be working for an established company with a market cap of at least US$500 million (S$700 million) or annual revenue of US$200 million.
- Labor Market Testing will not be required.
- Candidates will not be subject to the Complementarity Assessment Framework, also known as COMPASS.
- Dependents (i.e., spouse and children) can accompany and will be allowed to work by applying for the ministry’s Letter of Consent (LOC).
Changes are expected to take effect in September 2023 to give companies time to adjust. However, the MOM is expected to restore the original duration of 14 days (currently 28 days) as soon as September 1, 2022.
Erickson Insights
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