Beyond a world-class destination, Singapore is one of the most lucrative places in the world to live in. This expatriate haven offers incredible job and business prospects, drawing talents worldwide seeking to advance their careers and businesses.
To qualify to live and work here, understanding the various work visas, including the Singapore Employment Pass (EP), is crucial.
Learn More: Singapore Work Visas Guide 2024
What Is An Employment Pass?
An Employment Pass (EP) is a Singapore work visa issued by the Ministry of Manpower for eligible professional foreign talents. Criteria include a minimum salary of $6,000, benchmarked against top local PMET salaries by age. The EP permits living, working, and traveling in and out of Singapore without entry visa applications.
This pass is valid for 2 years for first-time applicants and can be renewed for up to 3 years.
Benefits of Having An Employment Pass In Singapore
Compared to the S Pass and the Work Permit, there are certain benefits that only an EP holder gets to enjoy. These benefits include
1. Become A Permanent Resident (PR) in Singapore
The procedure of renewing an EP in Singapore can be daunting and tiring as the eligibility requirements and regulations from the Ministry of Manpower become stricter. If you are planning to stay in Singapore for a long period of time, you can avoid this hassle by applying to become a permanent resident (PR) here. Not only does it put an end to your endless renewals and worries, but being a PR also opens the door to better standards of life and job opportunities in Singapore.
Some of the perks of becoming a PR here include better education and health care for you and your loved ones, and greater opportunities to expand your career and business. It would also be easier for you to purchase properties here and contribute to a personal retirement fund (CPF) through salary deduction.
2. Open A Savings/Current Account
Having an Employment Pass in Singapore provides better opportunities to open a bank account across different banks here. Work permit holders qualify for basic POSB accounts, while EP holders can access savings or current accounts and other banking services at OCBC, UOB, and Standard Chartered, subject to each bank’s foreigner requirements.
3. Dependent Pass For Your Loved Ones
As an Employment Pass holder, you are able to sponsor your family as a dependent legally in Singapore. Your lawful spouses, common-law spouses and children under the age of 21 years old (including step and disabled children) can apply for a Dependant’s Pass (DP) or a Long-Term Visit Pass (LTVP) if you draw a minimum fixed monthly salary of $6,000. Do take note that this option is not applicable to the other types of work visas available in Singapore.
For further details on the Employment Pass, its requirements, renewals, and necessary documentation, contact our experts at Paul Hype Page & Co! We would be more than happy to assist you with any enquiries you might have!
