SINGAPORE—The Monetary Authority of Singapore (MAS) supports the move by the Ministry of Manpower (MOM) to increase the minimum qualifying salary for entry-level employment pass holders in the financial services sector to $5,000.
The MAS worked closely with MOM to determine the new minimum qualifying salary for the financial services sector, which is higher than that for the rest of the economy, it said in a statement on Thursday (27 August).
The MOM announced today it will raise the salary criteria for Employment Passes (EPs) and S Passes for the second time this year. The minimum qualifying salary will be raised to $4,500, from $3,900, for general EPs, and lifted to S$5,000 for those in the financial services sector from 1 December.
The wage increase will provide further support for hiring of Singaporeans in the financial services sector, the monetary authority said. About 1,500 jobs were created in the first half of the year, with four out of five jobs going to Singapore citizens, the MAS noted.
While job creation will be slower in the second half of the year and could remain muted next year, the financial sector is well positioned to be an important source of job opportunities for Singaporeans in the years ahead.
“The move towards the higher salary criteria for EP candidates complements MAS’ manpower development programmes to expand job opportunities and deepen local capabilities,” Jacqueline Loh, deputy managing director, markets and development at MAS, said.
A high quality workforce, with a strong Singaporean core complemented by EP holders with specialised skills, will best enable our financial services sector to compete internationally, and seize new growth opportunities as the Asian and global economies recover, she added.
The skillsets include deep capabilities in areas like cyber security, machine learning, and full stack development, as well as expertise in new growth segments like green finance, pandemic risk insurance and family offices.