Singapore has announced an increase in the minimum monthly salary requirement for foreign professionals seeking Employment Passes (EPs) in the country. The new policy, taking effect in January 2025, will require EP holders to earn at least SGD 5,600, up from the current minimum of SGD 5,000.
By raising the salary bar, the government hopes to attract highly skilled and experienced professionals who can contribute significantly to the Singaporean economy. The increased salary requirement aims to ensure that foreign professionals are not hired at lower wages than their local counterparts with similar qualifications and experience.
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This policy change comes amidst ongoing discussions about the role of foreign workers in Singapore's workforce. While foreign talent is crucial for the country's economic growth and diversification, the government also faces pressure to ensure that locals have fair employment opportunities and competitive wages.