Singapore to increase minimum wage requirement for foreign workers in 2025

Singapore intends to increase the salary monthly threshold for foreign workers to qualify for an employment pass from S$5,000 (US$3,700) to S$5,600 (US$4,170), effective January 1, 2025, in an effort to enhance job opportunities for locals, according to Manpower Minister Tan See Leng as reported by the Straits Times on March 4, 2024. 

In consideration of the higher salary standards in the sector, financial services professionals in this field will now be required to earn a minimum of S$6,200 (US$4,600) per month, up from the previous S$5,500 (US$4,100). 

Additionally, the minimum qualifying salary for Employment Pass (EP) applicants in their mid-40s will rise to a maximum of S$10,700 (US$8,000), with those in the financial services sector facing an increase to S$11,800 (US$8,800).

Additional Information:

• In 2023, Singapore overhauled its visa program for foreigners, introducing the Overseas Network and Expertise (ONE) Pass and raising salary thresholds for other visa categories to attract top talent.
• As of January 1, 2024, nearly 4,200 ONE Pass applications have been approved.
• Starting July 1, 2026, the retirement age will also be increased by one year to 64, and employers will be obligated to offer re-employment to workers up to the age of 69, compared to the previous limit of 68 years, as part of a broader initiative to uphold a sizable workforce.