SINGAPORE: In a bid to ensure high-quality talent and maintain a level playing field for local workers, Singapore has announced an increase in the salary criteria for foreign executives and professionals that companies can hire, effective from January next year.
Under the new regulations, foreigners seeking employment passes in Singapore must earn a minimum monthly salary of S$5,600 ($4,170), up from the current criteria of S$5,000. For those in the financial sector, the qualifying salary will be further elevated to S$6,200 from S$5,500.
Singapore’s Efforts to Manage Workforce Dynamics
The decision, announced by the manpower ministry, reflects Singapore’s ongoing efforts to manage its workforce dynamics amidst economic shifts and concerns over competition for employment opportunities among locals. The move aims to ensure that employment pass holders contribute significantly to the country’s economy and maintain the quality of talent in the labor market.
Singapore has traditionally attracted foreign firms to establish their regional headquarters. However, the issue of foreign labor has been contentious, with the local population expressing concerns about job competition.
Statistics reveal that as of June last year, Singapore had 197,300 foreigners holding employment passes out of a total foreign workforce of approximately 1.5 million. This figure is significant in a country with a population of 5.9 million.
