Budget 2022: Work pass changes expected to hit SMEs more than MNCs
SINGAPORE'S move to tighten work pass requirements could see international firms shifting certain work functions to elsewhere in the region amid rising cost pressures, while they keep their most skilled talent in the Republic, analysts and industry groups told The Business Times.
In his Budget speech on Friday (Feb 18), Finance Minister Lawrence Wong said that the government is raising the minimum qualifying salaries for Employment Pass (EP) and S Pass holders from Sep 1, with each category seeing an increase of at least S$500.
This will bring the minimum salary for EP holders to S$5,000 and that for S Pass ones to S$3,000. The minimum for workers in the financial services sectors is S$500 higher in both categories.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Economy & Policy
Court grants Iswaran’s application for single trial for charges related to Ong Beng Seng, David Lum
Trade between Singapore and Asean was at S$295.6 billion in 2023
AI lacks judgement to set interest rates, MAS chief says
Iras to claw back S$60 million from buyers who used ‘99-to-1’ loophole to avoid ABSD
Daily Debrief: What Happened Today (May 7)
Daily Debrief: What Happened Today (May 8)