The Ministry of Manpower (MOM) is introducing a new work pass to allow high-earners and high-achievers to live in Singapore before securing a job in an initiative to strengthen Singapore’s position as a global hub for talent.
Minister for Manpower and Second Minister for Trade and Industry, Dr Tan See Leng, said on Monday (Aug 29) that “staying open and connected to the world is fundamental to Singapore’s success as a global city and business hub”.
Amid intensifying competition for talent, MOM, together with the Ministry of Trade and Industry and the Ministry of Communications and Information, will introduce four enhancements to Singapore’s work pass framework.
The enhancements aim to better attract top talents and experienced tech professionals in areas of skills shortages in the local workforce.
Under the new Overseas Networks and Expertise Pass (EP), applicants need to earn a fixed monthly salary of S$30,000 and above in the last year, comparable to the top five per cent of Employment Pass holders.
“Individuals with outstanding achievements across the arts and culture, sports, science and technology, and research and academia, can also qualify even if they may not meet the salary criterion,” noted MOM.
The new pass will be personalised and valid for five years, allowing candidates to concurrently start, operate, and work for multiple companies in Singapore at any one time.
The pass holder’s spouse will also be allowed to work on a Letter of Consent.
Furthermore, candidates under this scheme will not be subject to the Fair Consideration Framework (FCF) job advertising requirement and the upcoming Complementarity Assessment Framework (COMPASS).
Applications for this pass will start from Jan 1, 2023.
At the same time, a new benchmark pegged to the top 10 per cent of EP holders will be introduced.
Candidates under this pass will continue to be exempted from the FCF job advertising requirement and the upcoming COMPASS and be eligible for the Personalised Employment Pass (PEP).
The exemption bar for the FCF job advertising requirement and COMPASS will be raised from $20,000 to $22,500. The salary criterion for PEP will also be increased to S$22,500.
This benchmark will provide greater clarity and transparency on MOM’s work pass framework for talent, said MOM.
The changes will take effect from Sept 1, 2023.
“We are now in an era where businesses follow talent, as much as talent follows business. Both businesses and talent are searching for safe and stable environments to invest, live and work in. Singapore is such a place,” said Dr Tan at a press conference at the National Press Centre on Hill Street.
For all EP applications, MOM is enabling companies to be more responsive to business needs. On top of restoring the FCF job advertising duration to 14 days from Sept 1, 2022, the processing time for all EP applications will be improved.
To date, 85 per cent of online EP applications are processed within three weeks. MOM aims to process applications or update employers within 10 business days.
Singapore will also continue to build its local leadership pipeline by supporting local talent in acquiring global and regional experience.
Programmes that support such goals include the International Posting Programme (iPOST), which funds overseas postings for Singaporeans in the financial sector, the SkillsFuture Leadership Development Initiative, which supports companies across sectors to develop local leaders, and the Global Ready Talent Programme, that supports overseas internships.
More information on the enhancements can be found here. /TISG