# Singapore to increase minimum salary requirement for work visas

- Link: https://www.thailand-business-news.com/business/129633-singapore-to-increase-minimum-salary-requirement-for-work-visas
- Published: 2024-03-06T15:03:01+07:00
- Author: Nguyen Trang

Starting from January next year, Singapore will raise the minimum monthly salary
requirements for foreign professionals applying for employment passes, with the 
standard minimum increasing to SG$5,600 and the financial services sector minimum
rising to SG$6,200.

## Key Takeaways

 * Starting next year, companies in Singapore hiring foreign professionals will 
   need to pay higher minimum salaries to qualify for work visas, with the minimum
   monthly salary for an employment pass being raised to SG$5,600.
 * The financial services sector will face an even higher minimum salary requirement
   of SG$6,200 for new employment passes, reflecting the government’s efforts to
   ensure a level-playing field for locals and to attract overseas talent for valued
   professions.
 * Singapore’s point-based criteria called COMPASS (Complementarity Assessment Framework)
   aims to evaluate the extent to which an EP candidate complements Singapore’s 
   workforce, with specific bonus points available for applicants in certain industries.

The move aims to ensure a level playing field for local workers and is part of Singapore’s
efforts to attract and retain foreign talent while maintaining opportunities for
locals.

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The city-state also introduced a point-based evaluation system called COMPASS to
assess the suitability of EP candidates, with bonus points available for certain
industries. EP applicants need to score 40 points across four criteria to qualify,
and can earn up to 20 bonus points for 27 specific jobs in six industries. This 
change may impact global businesses sending expats to Singapore due to the higher
salary requirements.