Singapore Increases Qualifying Salary for EP and S Pass Holders

The Singapore Ministry of Manpower (MOM) will increase the qualifying salary for Employment Pass (EP) and S Pass holders effective September 1, 2022.

Updates to EP Qualifying Salary

From September 1, 2022, new EP applications will be subject to the updated EP qualifying salaries in the table below. For renewal applications, these revised EP qualifying salaries will apply to passes expiring on or after September 1, 2023.

Sectors Current minimum qualifying salary New minimum qualifying salary

From September 1, 2022, for new applications /From September 1, 2023, for renewals

All(except financial services) $4,500 $5,000(increases progressively with age, up to $10,500 for candidates in their mid-40s)
Financial services $5,000 $5,500(increases progressively with age, up to $11,500 for candidates in their mid-40s)
Updates to S Pass qualifying salary and levies

From September 1, 2022, new S Pass applications will be subject to the updated S Pass qualifying salaries in the table below. For renewal applications, these revised S Pass qualifying salaries will apply to passes expiring on or after September 1, 2023.

Sector 

Current minimum qualifying salary

New minimum qualifying salary

From September 1, 2022, for new applications /From September 1, 2023, for renewals

All(except financial services) $2,500 $3,000(increases progressively with age, up to $4,500 for those in their mid-40s)

Note: The minimum qualifying salary for S Pass applications is expected to increase again in 2023 (at least $3,150) and 2025 (at least $3,300). The final qualifying salary in 2023 and 2025 will be announced closer to the implementation date. 

Financial services $3,000 $3,500(increases progressively with age, up to $5,500 for those in their mid-40s)

Note: The minimum qualifying salary for S Pass applications is expected to increase again in 2023 (at least $3,650) and 2025 (at least $3,800). The final qualifying salary in 2023 and 2025 will be announced closer to the implementation date. 

 

The new S Pass levy will also be raised and apply to all S Passes from September 1,  2022.

S Pass Levy
Tier 1 Levy (for companies with S Passes up to 10% of the total workforce) $450 (Increased from $330)

Note: The levy will increase again to $550 on September 1, 2023, and to $650 on September 1, 2025.

Tier 2 Levy (for companies with S Passes above 10% to 18% of the total workforce) $650 (no change from prevailing)

 

Erickson Insights

The MOM will continue to review the requirements for Employment Pass (EP) and S Pass holders annually against the benchmark, considering prevailing economic conditions. Sufficient lead time will also be given to businesses to adjust.