The minimum qualifying salary for Employment Pass applicants will be raised on Jan. 1, 2025, according to the Ministry of Manpower.

Key Points:

• New EP applicants will have to earn a minimum of 5,600 Singaporean dollars (about US$4,170) a month, up from the current minimum of SG$5,000.
• The minimum qualifying salary for those in the financial services sector will increase from the current SG$5,500 to SG$6,200.
• For EP renewal applicants, the new qualifying salary will not take effect until Jan. 1, 2026.

Additional Information: The minimum qualifying salary for EP applicants is reviewed annually by benchmarking the top one-third of local professional, managerial, executive and technician salaries to ensure a level playing field for local job seekers. The last increase was in September 2022, when the minimum qualifying salaries for the two categories were raised by SG$500. “The EP qualifying salary will also continue to increase progressively with age,” said Tan See Leng, Minister for Manpower, during budget debates this month.

BAL Analysis: Employers should be mindful that the minimum qualifying salary is the first stage of a two-stage eligibility framework. Stage two requires that, unless exempted, EP applicants must pass the points-based Complementarity Assessment Framework (COMPASS). A breakdown of the required COMPASS foundational criteria and the minimum 40 points necessary to pass can be found here.