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Singapore releases updated salary benchmarks for Employment Pass applicants
In early August 2024, the Singapore government released updated salary benchmarks by sector under the points-based Complementarity Assessment (COMPASS) framework. Under the COMPASS framework, an Employment Pass (EP) applicant must score at least 40 points based on four foundational criteria (salary, qualifications, diversity and support for local employment) and two bonus criteria (Skills and Strategic Economic Priorities). Under the C1 salary criterion, applicants score 10 points if their fixed monthly salary equals or exceeds the 65th percentile of salaries paid to local professionals, managers, executives, and technicians (PMETs) in their sector. To score the maximum 20 points under the C1 criterion, applicants must earn a fixed monthly salary equaling or exceeding the 90th percentile of salaries paid to local PMET workforce in their sector. The minimum salary requirement varies based on applicants' age and industry sector.
A Tax Alert prepared by EY's People Advisory Services, and attached below, provides additional details.