Wait for an In-Principal Approval (IPA) letter before resigning
Applying for an Employment Pass is not easy and we do not wish for our clients to be jobless after resigning before securing a new position.
There are tightening regulations on top of reduced quotas for issuing new Employment Passes. In 2022, the Ministry of Manpower announced an increased in minimum monthly qualifying salary of S$5,000 from S$4,500.
Along with this new change, a new point-based system will be introduced in September 2023 called the COMPASS framework.
This is why it is recommended to wait for an IPA letter before resigning so that you do not end up in a sticky situation.
You may look into this article to understand some of the crucial reasons why an Employment Pass is rejected.
It takes 100 days to change your job
Day 1: Obtain an offer letter from your new employer.
Day 2: Apply for an EP under your new employer.
Day 30-60: Once successful, you will receive an IPA letter valid for 6 months.
Day 90: Tender your resignation and serve the notice period (1 month in this example) with your current employer.
Day 91: Once completed, your current employer will assist to cancel the Employment Pass and issue you the Short-Term Visit Pass (STVP) to remain in Singapore.
Day 92: Proceed to card issuance at MOM for your new Employment Pass with the new employer.
Day 100: You are ready to start working with your new employer
A big congratulations if you found a better opportunity. What we have to say is, consider setting up your own company and applying for an EP under your own company and have a contract relationship with the new employer.
As this process already points out, keeping your EP with your employer means you are restricted to them. A part of grasping good opportunities is to grab at them when you can. Having your own company essentially allows you to work with multiple “employers”, and also contributes to a road of financial and personal freedom.