Singapore, 27 August 2020… The Monetary Authority of Singapore (MAS) supports the move by the Ministry of Manpower (MOM)Please see link to MOM’s media release: https://www.mom.gov.sg/newsroom/press-releases/2020/0827-tightening-of-work-pass-requirements to increase the minimum qualifying salary (MQS) for entry-level employment pass (EP) holders in the financial services sector to $5,000.
2 MAS worked closely with MOM to determine the new MQS for the financial services sector, which is higher than that for the rest of the economy. This takes into account the higher local salary levels in the financial services sector.
3 The increase in the MQS will provide further support for hiring of Singaporeans in the financial services sector. The sector has continued to create jobs even in the current crisis, albeit with a smaller net increase of about 1,500 jobs in the first half of the year, with 4 out of 5 jobs going to Singapore Citizens. While job creation will be slower in the second half of the year and could remain muted next year, the financial sector is well positioned to be an important source of job opportunities for Singaporeans in the years ahead.
4 The calibrated increase in the MQS will continue to allow financial institutions to complement their local workforce by tapping on a global talent pool for the specialised skillsets that the financial sector needs. These include deep capabilities in areas like cyber security, machine learning, and full stack development, as well as expertise in new growth segments like green finance, pandemic risk insurance, and family offices.
5 Ms Jacqueline Loh, Deputy Managing Director (Markets & Development), MAS, said, “The move towards the higher salary criteria for EP candidates complements MAS’ manpower development programmes to expand job opportunities and deepen local capabilities. A high quality workforce, with a strong Singaporean core complemented by EP holders with specialised skills, will best enable our financial services sector to compete internationally, and seize new growth opportunities as the Asian and global economies recover.”