Singapore Implements Stricter Salary Criteria for Foreign Professionals
Singapore will increase the salary criteria for foreign executives and professionals hired by companies starting in January next year, with the minimum monthly salary for employment passes rising to S$5,600 from the current S$5,000. The move aims to ensure high-quality employment pass holders and maintain a level playing field for locals in the labor market. The financial sector will see a higher qualifying salary of S$6,200. This adjustment comes as Singapore grapples with the issue of foreign labor and its impact on local employment opportunities, with the country having 197,300 foreigners on employment passes out of a total foreign workforce of about 1.5 million as of June last year.