At the Committee of Supply debate on 4 March 2024, the Ministry of Manpower (MOM) announced the following changes.
Employment Pass (EP)
- Minimum qualifying salary rises from S$5,000 to S$5,600 a month, increasing with age to S$10,700 for candidates in their mid-40s.
- Financial services: from S$5,500 to S$6,200 a month, up to S$11,800.
- Applies to new applications from 1 January 2025 and renewals from 1 January 2026.
Local Qualifying Salary (from 1 July 2024)
- Rises from S$1,400 to S$1,600 a month for full-time local employees (S$10.50 an hour for part-time).
- A local employee paid at least S$1,600 counts as one local worker for foreign worker quotas; one paid S$800 to below S$1,600 counts as half.
Marine shipyard sector (from 1 January 2026)
- Dependency Ratio Ceiling lowered from 77.8% to 75%.
- Work Permit levy for Basic-Skilled workers rises from S$400 to S$500, and for Higher-Skilled workers from S$300 to S$350.