The minimal qualifying wage for brand new S Cross candidates can be raised from the present S$2,500 to S$3,000 in September this yr.
For the monetary companies sector, the federal government will introduce a better minimal qualifying wage of S$3,500. Finance Minister Lawrence Wong added that the qualifying salaries for older S Cross holders will even be raised in tandem.
The goal is for S Cross holders to be comparable in high quality to the highest one-third of native affiliate professionals and technicians, Mr Wong stated.
The minimal qualifying wage for brand new S Cross candidates can be raised similar time subsequent yr, and once more in September 2025, with particular wage values to be introduced nearer to the implementation date based mostly on the native wages then.
For renewal purposes, the modifications will apply a yr later, simply as with Employment Cross (EP) holders. To raised handle the circulation of S Cross holders, the Tier 1 levy will even be progressively raised from the present S$330 to S$650 by 2025.
Employment Cross qualifying wage raised too
The minimal qualifying wage for brand new EP candidates can be raised from the present S$4,500 to S$5,000 from September, Mr Wong additionally introduced through the Singapore Funds 2022.
For the monetary companies sector, which has increased wage norms, this can be raised from the present S$5,000 to S$5,500. That is to make sure that incoming EP holders are comparable in high quality to the highest one-third of the native skilled, managerial, govt and technical (PMET) workforce, Mr Wong stated.
The qualifying salaries for older EP candidates, which improve progressively with age, will even be raised in tandem. For renewal of purposes, these modifications will apply from September subsequent yr to offer companies time to regulate.
Moreover the wage, the federal government will even refine how EP purposes are assessed to enhance the complementarity and variety of the overseas workforce, and improve certainty and transparency for companies.
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