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The government of Singapore stated on Monday that it will raise the pay requirements for hiring overseas executives and experts starting in the following year. Singapore tightens regulations on employing foreign experts.
The income threshold for employment passes, which are normally awarded to highly compensated professionals, will rise for foreign nationals as of January 2019. In a nation of 59 lakh people, as of June of last year, Singapore had 1,97,300 foreign workers with work permits out of a total foreign workforce of about 15 lakh.
The barrier will increase from the current S$5,000 (₹3.08 lakh) to S$5,600 (about ₹3.45 lakh) or more per month. Professionals in the financial sector will now need to make at least S$5,500 (₹3.38 lakh), but in the future, they will need to make at least S$6,200 (₹3.82 lakh).
Three increases have been made to the pay floor for employing foreign workers since the outbreak began in 2020. In September of last year, the most recent adjustment—which went from S$4,500 to S$5,000—went into force.
The only people who can move forward with the application process for an employment pass are those who fulfill these requirements. An employment pass is a document that permits international managers, executives, and professionals to work in Singapore. Government regulations compel companies to demonstrate that they have carefully considered all qualified applicants for the post in addition to the pay requirement.
Singapore's Ministry of Manpower reported that the goal of the compensation adjustment for employment pass qualifying is to retain equitable opportunities for locals and guarantee professionals of the highest caliber.
Singapore has struggled with worries about international labor rivalry and its effect on local employment possibilities despite being a popular choice for global companies looking to establish their regional headquarters.
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