From January next year, foreign professionals working in Singapore must earn at least S$5,600 (US$4,170) per month, up from the current S$5,000. This is a requirement for obtaining a work permit, which is typically granted to high-paid professionals.
A commuter walks his bicycle across cars stopped at a traffic light during the morning rush hour in Singapore. Photo: Reuters
The qualifying salary for those working in the finance sector will increase from S$5,500 to S$6,200. The Singapore Ministry of Manpower stated that this move aims to "ensure that those holding EP (Employee Work Permit) are of high quality and maintain a level playing field for local people."
Considered the financial hub of Southeast Asia, Singapore has long been a favored location for foreign companies to establish their regional headquarters. Meanwhile, the influx of foreign workers is a pressing issue, causing concern among locals about job competition.
As of June last year, Singapore had 197,300 foreign nationals with work permits out of a total foreign workforce of approximately 1.5 million in the country. The country has a population of 5.9 million.
Since the pandemic began in 2020, the minimum wage for foreigners has been increased three times, with the most recent adjustment taking effect last September.
Ngoc Anh (according to Reuters)
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