MINIMUM salaries for Employment Pass (EP) holders in the financial services sector will be raised to S$5,000 from December, said the Ministry of Manpower (MOM) on Thursday, setting the bar S$500 higher than the tightened criteria for other sectors in the economy. Read more at The Business Times.
The Monetary Authority of Singapore said it has worked closely with the MOM in determining the new minimum qualifying salary for the financial services sector, which"takes into account the higher local salary levels in the ".
"These include deep capabilities in areas like cyber security, machine learning and full-stack development, as well as expertise in new growth segments like green finance, pandemic risk insurance and family offices." MAS deputy managing director for markets and development Jacqueline Loh said the move to tighten salary criteria for EP candidates complements the authority's manpower-development programmes to expand job opportunities and deepen local capabilities.
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