Singapore to Boost Wage Threshold for Expats, Straits Times Reports
- Finance professionals, those in mid-40s to have higher bar
- City to also raise retirement age to 64 from July 2026
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Singapore plans to raise the salary threshold for foreign workers from next year, as it seeks to create better and more job opportunities for locals, the Straits Times reported, citing Manpower Minister Tan See Leng.
From Jan. 1, 2025, foreigners will need to earn a minimum monthly salary of S$5,600 ($4,170) to qualify for an employment pass, up from S$5,000, the newspaper cited Tan as saying in parliament discussing the budget Monday. Financial services professionals will need to earn at least S$6,200 per month, up from S$5,500, in view of the sector’s higher wage norms.