The benchmark for the Employment Pass (EP) qualifying salary is based on the top one-third of local PMET1 wages, to ensure that EP holders are of high quality. The EP qualifying salary is reviewed annually against the benchmark. In line with how the benchmarks have moved, Ministry of Manpower (MOM) will be increasing the EP minimum qualifying salary from $5,000 to $5,600 per month. The qualifying salary will continue to increase progressively with age, up to $10,700 for a candidate in their mid-40s. This maintains a level playing field for locals across all age groups.
For the Financial Services sector which has higher wage norms, a higher EP qualifying salary will continue to apply. The EP minimum qualifying salary for the Financial Services sector will be raised from $5,500 to $6,200 per month. This will also continue to increase progressively with age, up to $11,800 for a candidate in their mid-40s.
The revised EP qualifying salary will apply to new EP applications from 1 January 2025, and to renewal applications from 1 January 2026. This will provide businesses more time to adjust to the changes.
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