There is a S$30,000 minimum monthly salary requirement for the new Overseas Networks & Expertise Pass. Those with “outstanding achievements” in tech, arts, academia or sports can qualify even if they do not meet the salary criterion.
SINGAPORE: A work pass is being introduced that will allow high-earners and high-achievers to live in Singapore without having to secure a job here first, Manpower Minister Tan See Leng said on Monday .
Overseas candidates will also need to show that they have worked or will be working for an established company – defined as one with a market capitalisation of at least US$500 million or an annual revenue of at least US$200 million – either in their overseas role at the point of application, or future role based in Singapore.
Dr Tan’s comments echo those of Prime Minister Lee Hsien Loong, who said at the National Day Rally on Aug 21 that Singapore must build up a"world-class talent pool" by developing its own workforce while continuing to attract talent from abroad. He added: “In this global contest for talent, Singapore cannot afford to be creamed off, or left behind.”Unlike the Tech.Pass that was introduced in January last year, the Overseas Networks & Expertise Pass applies to all sectors. As its name implies, the Tech.Pass for is only for tech entrepreneurs, leaders or experts.
Compared to existing work passes, the Overseas Networks & Expertise Pass is valid for a longer period – five years – compared with two years for the EP and three years for the PEP. The Ministry of Manpower will introduce a five-year EP to experienced professionals filling tech jobs requiring highly specialised skills currently in shortage in the local workforce.
Dr Tan said that MOM will set a single benchmark of the top 10 per cent of EP holders, and the salary threshold for a number of requirements for work pass applications will be aligned to this. The new threshold is set at $22,500, and will start in September 2023. The salary benchmark for the PEP will also be adjusted to S$22,500, up from S$18,000 as of Sep 1 next year.Responding to companies’ feedback, the Ministry of Manpower will also reduce the duration of job advertising from 28 days to 14 days from Sep 1 this year.
Dr Tan said that the goal underlying all the changes to the work pass framework is to create more, and more exciting, opportunities for Singaporeans.
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