The Singapore government recently announced that the minimum qualifying monthly salary for new Employment Pass (EP) applicants will increase from S$5,000 currently to S$5,600 starting January 1, 2025.
For those in the financial services sector, the new minimum will be S$6,200, up from the current threshold of S$5,500. These changes are part of the government’s regular updates to EP salaries based on wage benchmarks.
Key Changes:
- Minimum EP salary for new applicants will rise to S$5,600 per month (up from current S$5,000) from January 1, 2025
- Financial services sector will have a higher minimum of S$6,200 per month (up from S$5,500 currently)
- The new thresholds will apply to EP renewal applications a year later from January 1, 2026
- Salary thresholds aim to ensure a level playing field for local professionals
Impact:
The government stated that the majority of existing EP holders already earn above the new minimum salaries, so only some applicants will be impacted. The regular updates to salary criteria help maintain wage norms based on incomes of local professionals in similar roles.
