Breakdown by Monthly Salary Bands of Employment Pass Holders Employed in Finance, Infocomm, Professional Services and Other Sectors

Mr Leong Mun Wai asked the Minister for Manpower with regard to Employment Pass holders employed in the finance sector, infocomm sector, professional services sector and other sectors, what is the breakdown by monthly salary bands of (i) less than $6,000 (ii) $6,000 to less than $8,000 (iii) $8,000 to less than $10,000 (iv) $10,000 to less than $12,000 (v) $12,000 to less than $16,000 (vi) $16,000 to less than $20,000 and (vii) $20,000 and above, for each respective sector.

The Member will know that monthly salary is one of the criteria for the Employment Pass (EP). The current minimum qualifying salary for EP holders is $4,500 for the youngest applicants (for the Finance sector, it is set higher at $5,000). The salary requirement increases with age to reflect the EP candidate’s experience and length of time in the workforce, and to provide sufficient protection for our mature workers. As such, the qualifying salaries for EP candidates in their 40s are around double the minimum qualifying salary for the youngest applicants.

The median EP monthly salaries as of December 2020 in the Finance, Infocomm, Professional Services and Other sectors were around $12,000, $7,600, $8,800 and $7,600 respectively. Locals outnumber EP holders in every one of the salary bands and in every one of the sectors specified by the Member.

As explained in the Ministerial Statements on 6 July 2021, competition between EP holders and locals is not a zero-sum game. In fact, the presence of EP holders who complement the local workforce with skills in short supply enables us to attract more investments and create even more good job opportunities for locals.