New EP and Financial Sector Salary Thresholds Announced for 2025
In this article from Channel New Asia, Singapore will see an increase in the minimum monthly qualifying salary for new Employment Pass (EP) applicants starting next year. The current threshold of S$5,000 will rise to S$5,600. Meanwhile, those in the financial services sector, characterized by higher wage norms, will need to earn a minimum of S$6,200 per month, up from the current S$5,500 threshold.
Manpower Minister Tan See Leng announced that for EP renewal applications, the new qualifying salary will take effect a year later, on Jan 1, 2026. This adjustment comes after the last raise in EP qualifying salaries in September 2022, which saw an increase of S$500. Concurrently, the minimum salaries for new S Pass applicants were also raised during that period.
Dr. Tan emphasized during the ministry’s Budget debate in Parliament that regular updates to qualifying salaries ensure a level playing field for locals. These salaries are benchmarked against the top one-third of wages for local professionals, managers, executives, and technicians, and increase progressively with age.
The Ministry of Manpower (MOM) clarified that the qualifying salary for EP applicants is adjusted to align with prevailing wage norms, rather than leading market wages. This move aims to maintain fairness and competitiveness within the labor market.
This article also addresses the Overseas Networks & Expertise (ONE) Pass
If you’d like to read the full article, you can do so here.
