Foreign professionals who are considering a move to Singapore under the Personalised Employment Pass (PEP) should note that from the 1st December 2012 the qualifying criteria for this pass will be significantly raised.
The benefits of the PEP are that holders can generally take up employment in any sector and do not need to apply for a new pass when changing jobs. In addition, PEP holders are allowed a continuous period of up to six months without a job to evaluate employment or work opportunities, and can remain in Singapore during that time.
However, the Ministry of Manpower announced that changes would be made to the PEP because:
“this ensures that the PEP remains a premium pass for top-tier foreign talent and is in line with recent moves to raise the quality of Employment Pass holders.”
The following changes will take effect from the 1st December 2012:
- The PEP will be made available to P1 Pass holders who earn a fixed monthly salary of at least $12,000 and overseas-based foreign professionals whose last drawn fixed monthly salary was at least $18,000;
- Increase of minimum annual fixed salary requirement from $34,000 to $144,000;
- Change in validity of PEP from 5 years to 3 years;
- New PEP holders can bring in their parents, spouses and children.
If you are an existing PEP holder and are concerned about how these changes may affect you, please get in touch.