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Singapore announces new salary requirements for Employment Pass applicants starting 1 January 2025
Effective 1 January 2025, individuals who apply for new Employment Passes (EPs) will be subject to higher salary requirements. For renewal applications, the revised requirements will apply to EPs expiring on or after 1 January 2026. The upcoming changes will increase the costs borne by Singapore employers when hiring highly skilled foreign employees. Employers may use the government's Self-Assessment Tool to check if individuals qualify for EPs prior to applying. Companies that currently employ EP holders are expected to have a longer time frame, potentially up to 2028, to manage the impact of these changes.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.