The minimum qualifying salary for new Employment Pass applicants will increase next year. The revised minimum qualifying salary for various sectors is as follows:
- All Other Sectors
- Current: S$5,000
- Revised: S$5,600
- Financial Services Sector
- Current: S$5,500
- Revised: S$6,200
- Implementation schedule:
- New EP applications from Jan 1, 2025
- EP renewal applications from Jan 1, 2026
Erickson Insights and Analysis
Employers of foreign workers in Singapore should review the salaries of their foreign nationals to ensure compliance with the new rules. These adjustments are part of the government’s efforts to protect the local labor market amidst economic uncertainties.
Erickson Immigration Group will continue to monitor developments and share updates as more news is available. Please contact your employer or EIG attorney if you have questions about anything we’re reporting above or case-specific questions.