SINGAPORE, March 4 (Xinhua) -- Singapore will raise the qualifying monthly salary from 5,000 Singapore dollars (3,700 U.S. dollars) to 5,600 for new Employment Pass (EP) applicants by Jan. 1, 2025, said Manpower Minister Tan See Leng on Monday.

The monthly salary threshold for EP candidates in financial services will increase from 5,500 Singapore dollars to 6,200, Tan told the parliament during a debate on the budget this year.

The changes will ensure the cost of hiring foreign EP holders to match the top one-third of their local peers earn, he said.

Singapore mainly issues three working visas to foreigners, including the EP for senior professionals, the S Pass for skilled workers, and the Work Permit for migrant workers in the construction and service sectors.

The city-state registered 197,300 EP holders among its nearly 1.5 million foreign working forces by mid-2023, according to the Ministry of Manpower. Enditem

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