New Work Pass Launches In 2023 To Attract Top Talent To Singapore
On Monday (29 Aug), Manpower Minister Tan See Leng announced that a new work pass will be launched in Singapore come 2023.
The Overseas Networks and Expertise (One) Pass aims to attract top talents from across all sectors around the world to work here.
According to the Ministry of Manpower (MOM), applicants must earn a fixed monthly salary of S$30,000 and above to qualify for the pass. This is comparable to the top 5% of Employment Pass (EP) holders.
Those with outstanding achievements across the following fields may also qualify if they do not fulfil this criterion:
- Arts and culture
- Sports
- Science and technology
- Research and academia
Overseas applicants will also need to prove that they are or will be working for an established company.
The Business Times defines this as a company that has an annual revenue of at least S$280 million (US$200 million) or a market capitalisation of at least S$699 million (US$500 million).
Unlike the typical EP, which is tied to a specific job, the One Pass will grant holders the flexibility to start, operate, and work for multiple Singapore companies at any one time.
It is also valid for five years. A typical EP lasts two to three years.
One Pass holders can also sponsor dependants and their spouses will be able to work here after obtaining a Letter of Consent.
Each year, One Pass holders will need to notify MOM of their professional activities. This is to ensure that they utilise the flexibilities accorded to them to contribute meaningfully.
Applications for the One Pass will open from 1 Jan next year.
Ensures Singapore competes effectively for top talent
Dr Tan shared that the new One Pass and several other initiatives are to help ensure Singapore competes effectively in the global fight for top talent.
These changes will allow businesses to respond faster to operational needs.
MOM is also making targeted enhancements to the work pass framework to better attract top talents. This includes tech professionals in areas where there is a skill shortage.
Dr Tan elaborated that amidst economic and geopolitical uncertainties, some countries are turning inwards while others are actively competing for global talent.
In such a climate, he said, Singapore must not leave room for investors to doubt the country’s openness.
Changes to EP framework
Besides introducing One Pass, MOM is making changes to the existing EP framework from 1 Sep 2023.
The top 10% of EP holders will be pegged to a new benchmark — S$22,500, up from the previous S$20,000.
This will exempt them from Fair Consideration Framework (FCF) job advertising requirements or the upcoming Complementarity Assessment Framework (COMPASS). COMPASS is a framework that evaluates EP applicants based on individual and firm-related attributes.
The Personalised Employment Pass salary criterion will also go up to S$22,500.
Additionally, MOM will be offering the option of a five-year EP to experienced professionals filling specific tech occupations on the COMPASS Shortage Occupation List.
The list is currently still being compiled, The Straits Times (ST) reports.
These individuals will need to pass COMPASS and meet a higher salary requirement of at least S$10,500.
Dr Tan said these changes will give tech professionals greater certainty when deciding to move to Singapore.
It will also allow Singapore to anchor tech capabilities whilst developing local talents.
Reduced EP application processing time
MOM is also responding to companies’ feedback and reducing the duration of FCF job advertising from 28 days to 14 days from 1 Sep.
EP applicants’ processing time will also be reduced. Most online applications currently take about three weeks to process.
This will be shortened to within ten business days thanks to technological upgrades to MOM’s work pass systems. The change will be implemented with immediate effect.
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