Singapore is set to raise the salary criteria for foreign executives and professionals that companies can hire starting next year, the government announced on Monday.
Starting in January of next year, foreigners seeking employment passes, typically reserved for well-paid professionals, will need to earn at least S$5,600 ($4,170) per month, an increase from the current requirement of S$5,000.
Those in the financial sector will have the qualifying salary hiked to S$6,200 from S$5,500.
The manpower ministry said the move is meant to "ensure that EP (employment pass) holders are of high quality, and to maintain a level playing field for locals".
The Southeast Asian financial hub has been a favored choice for foreign companies to establish their regional headquarters. However, the presence of foreign workers has raised concerns among the local population regarding competition for job opportunities.
As of June, last year, Singapore had 197,300 foreigners on employment passes out of a total foreign workforce of about 1.5 million. The country has a population of 5.9 million.
As of June, last year, Singapore had 1,97,300 foreigners holding employment passes, out of a foreign workforce totalling around 1.5 million. Singapore's population stands at 5.9 million.
Since the pandemic hit in 2020, the salary floor for hiring foreigners have been raised three times with the previous adjustment - from S$4,500 to S$5,000 - taking effect just in September last year.
