As of 1 Jan 2025, all new employment pass applicants and for those who are renewing it from the year after will have their minimum qualifying monthly salary raised to $5,600, from $5,000. Those working in financial services will need to earn $6,200 a month, up from $5,500 now, in view of the sector’s higher wage norms.The minimum salary for candidates in their mid-40s to qualify will also increase to up to $10,700, and to up to $11,800 for those working in financial services.The changes were made to ensure the cost of hiring an EP holder remains in line with what the top one-third of local professionals, managers, executives and technicians minimally earn, which was a benchmark unveiled during Budget 2022.
The EP is valid for up to two years for first-time pass holders, and up to three years for those whose passes are renewed.
In the marine shipyard sector, there will be changes to the work permit framework for the marine shipyard sector set to kick in from Jan 1, 2026, to spur the sector’s pivot to more productive and resource-efficient activities.
The dependency ratio ceiling (DRC) for the sector will be gradually reduced from 77.8 percent to 75 percent.
The DRC is the maximum permissible ratio of foreign workers to the total workforce for a company in a given sector.
The change means that companies in the sector can hire a maximum of three work permit holders for each local employee, down from 3.5 currently.
The levy for basic-skilled work permit holders in the sector will be increased from $400 to $500, and that for higher-skilled work permit holders from $300 to $350.
