Breakdown by Monthly Salary Bands of Employment Pass Holders Employed in Finance, Infocomm, Professional Services and Other Sectors
Ministry of ManpowerSpeakers
Summary
This question concerns Mr Leong Mun Wai’s request for a breakdown of Employment Pass (EP) holders by monthly salary bands across the finance, infocomm, professional services, and other sectors. Minister Dr Tan See Leng explained that EP qualifying salaries start at $4,500—$5,000 for the finance sector—and increase with age to provide protection for mature local workers. He shared that December 2020 median EP salaries ranged from $7,600 to $12,000 across these sectors, while noting that locals outnumber EP holders in every specified salary band. Minister Dr Tan See Leng emphasized that EP holders complement the local workforce to attract investment rather than creating zero-sum competition. This policy ensures that foreign professionals fill critical skill gaps, which ultimately helps to create more high-quality job opportunities for the local population.
Transcript
57 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.
Dr Tan See Leng: 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.