The Ministry of Manpower (MOM) is constantly revising the standards for awarding international work permits to support company expansion and guarantee that local candidates are given due consideration.
Applications for Employment Passes (EPs), which are work passes for international professionals, managers, and executives who have a job offer in Singapore and meet the requirements, have undergone significant adjustments and upgrades.
The Overseas Network & Expertise Pass is a new work pass category that the MOM launched on January 1, 2023. (ONE Pass).
The ONE Pass is a customised, five-year work permit that enables its bearer to launch, run, and employ several businesses in Singapore at any time. Closer to its expiration, the ONE Pass can be extended in five-year chunks.
Applicants for ONE Pass must fulfil one of the following requirements:
- A fixed monthly salary of at least SGD 30,000 must have been obtained by applicants in the previous year.
- Candidates must demonstrate that their future employer, who is situated in Singapore, will pay them a set monthly wage of at least SGD 30,000.
A candidate from outside Singapore must also show that they are currently employed by or will soon be employed by an “established company” in Singapore. An “established company” for the purposes of the ONE Pass is one with a market value of at least $500 million (SGD 716 million) or yearly revenue of at least $200 million (SGD 286 million).
New Specifications for EP
Companies seeking new Employment Passes (EP) for foreign professionals, managers, and executives will now need to pay them a base wage of at least S$5,000 (*from September 2022 onwards), up from the current S$4,500, it was stated during the Singapore Budget 2022.
The number of EP holders has drastically decreased as a result of changes made to the pay criterion in recent years and the overall business environment. The number of EP holders decreased from 189,700 to 177,100 between June and December 2020.
Despite the Pandemic, Hiring is Ongoing.
The coronavirus pandemic issue has had a significant negative impact on employment rates, although some industries are still hiring in spite of the current economic climate. The financial and technology industries are among those that are still growing and hiring. IT companies are constantly on the lookout for fresh talent that can swiftly adjust to the new normal. Telephone firms are hiring more people than ever before, and they are hiring everywhere.
The Monetary Authority of Singapore claims that before the pandemic, the transport and consumer sectors were already growing slowly (MAS). Contrarily, the retail, travel, food and beverage, and leisure industries were negatively impacted by unemployment. In order to prevent a major rise in unemployment, the government continues to support businesses through the Jobs Assistance Program and other fresh initiatives.
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Singapore wants to continue attracting international investors and serving as a hub for multinational companies. The government is dedicated to a diverse workforce and encourages neighbourhood businesses. MOM is implementing new standards to encourage businesses to expand and employ Singaporeans.
So, if you’re looking for the best Singapore immigration consultants in Delhi, let New Heights Overseas manage all your visa applications. We are experienced consultants providing bespoke services and legal guidance to help you expand your business. Get associated with us to learn more about our services.