Posted on August 30 2022
Taking a first step towards introducing the new work pass, is considered a part of the program to guarantee that Singapore can compete effectively to hunt top talent in the global fight.
Manpower Minister Tan See Leng said, the plan of introducing new work passes amid several initiatives is mainly to strengthen Singapore's position as a global talent hub.
Singapore has announced the launch of a new work pass in 2023, allowing low -earners and high-achievers to stay in the city-state without the requirement of being employed and to attract top global talent across all the sectors.
The Overseas Networks and Expertise Pass which is said to be launched from January 1, 2023, is specifically for talent from any sector earning a salary of over SGD 30,000 monthly, which is almost the same compared to the top 5 percent of the Employment Pass (EP) holders, or have remarkable achievements specially in the areas of arts and culture, science and technology, sports, or research and academia, stated the Manpower Minister Tan See Leng.
Taking a first step towards launching the new work pass, is considered as a part of the program to guarantee that Singapore can compete effectively to hunt top talent in the global fight.
Tan said, "the plan of introducing new work pass amidst several initiatives is mainly to strengthen Singapore's position as a global talent hub and upgrade it by targeting the framework of our work pass, to attract experienced tech professionals and top talent specifically in the areas where there are skills shortages."
To push the new plans forward, the Ministry of Manpower (MOM) will collaborate with the Ministry of Communications and Information and the Ministry of Trade and Industry.
Firstly, the pass holders will be provided flexibility to simultaneously begin, operate, and work for different companies in Singapore at any one time using the new pass.
This is different from the standard Employment Pass, which is linked to the specific job that the pass older is doing, and this new pass is also a five-year work pass, which is extensive than the typical EP that expires in two to three years.
The new pass holders will be able to sponsor the dependents, along with their spouses who will be allowed to work, after acquiring a Letter of Consent.
Overseas candidates in Singapore without a recent history of employment, must show that they have worked, or will be working for a well-established company, with a market price at a minimum of $500 million (SGD700 million) or yearly income of $200 million.
Besides new pass, the changes will also be applied to the current Employment Pass scheme on September 1, 2023, and new standards will be introduced and demonstrated to the top 10 percent of pass holders, where that group will be excluded from the requirements of Fair Consideration Framework job advertising or the forthcoming Complementarity Assessment Framework (Compass).
Compass is a points-based framework that measures Employment Pass applicants based on a comprehensive set of individual and firm-related features, and it will apply to new applicants from September 1, 2023.
The salary standards will be revised from SGD 20,000 to SGD 22,500 on monthly basis, while the salary benchmark for the personalized pass will be updated to SGD 22,500.
The personalized Employment Pass is for high-earning EP holders and overseas professionals, offering great flexibility than an EP as it is not linked to an employer, and pass holders need not reapply for a pass in case they choose to change jobs.
From September 1, 2022, the Fair Consideration Framework job advertising duration will be cut from 28 days to 14 days, to help the companies respond to the needs of the business, which is to be advertised for only 14 days before a company can hire an EP holder.
In October 2020, a weak job market, the duration was prolonged to 28 days to offer job seekers longer time to respond to the openings, which has helped the economy recover strongly ever since.
The processing time for Employment Pass applicants will also be accelerated, from about three weeks now for 85 percent of online applications, within 10 business days, with technological advances allowing a faster and more effective response.
The Ministry of Manpower (MOM) will let the employers know if it requires longer period to consider on whether to issue the Employment Pass.
Ultimately, the MOM will provide the alternative of a five-year EP to the professionals with experience, to fill specific tech occupations on the Compass Shortage Occupation List - a list that is still being compiled based on input from the industry, trade associations and other partners. These individuals will need to meet a salary criterion of at least SGD 10,500.
*For more information, check out the Y-Axis blog page…
Tan mentioned that, "This improvement will offer greater certainty to experienced tech professionals when making major decisions on relocating to Singapore, and allow us to anchor tech capabilities even as we develop our local pipeline."
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