Here's how you can qualify for Singapore's new work permit

Singapore launched a new work permit last week. The Overseas Networks and Expertise (ONE) makes it easier for companies to hire expats. The permit will come into effect from January 1, 2023.

What does the new permit allow?

The new permit, known as ONE, will allow foreigners earning a minimum of S$30,000 per month to get a five-year work pass. In addition to this, an added provision will enable the employee’s dependents to seek employment in the country.

Also read: Singapore to launch new work pass next year to attract top global talent

Individuals who do not meet the salary criteria but have shown exceptional performance in sports, arts, science and academia, are also eligible for the permit. However, the criteria for these applicants are yet to be announced.

According to Singapore’s Manpower Minister Tan See Leng, “Both businesses and talent are searching for safe and stable places to invest, live and work in. Singapore is such a place.”

The country which is making continuous efforts to attract leaders from various fields like science, technology, engineering, finance, arts, culture and sports, will not limit the number of applicants for its new work permit.

Also read: Singapore to be home to highest number of millionaires in Asia-Pacific by 2030

“What we really hope to bring to Singapore are the rainmakers. It is an offensive strategy for us,” said Tan See Leng.

What are the qualification criteria?

Existing work pass holders, overseas candidates can qualify for the new work permit if they meet either of the two salary criterion-

• Earned a fixed monthly salary of at least S$30,000 or its equivalent in foreign currency within the last 1 year.
• Will earn a fixed monthly salary of at least S$30,000 under their future employer based in Singapore.

The interested overseas candidates in order to seek the new permit, need to show that they have worked for an ‘established’ overseas company for the last one year or are going to work for an ‘established company’ in Singapore.

Also read: Singapore will need 1.2 million digitally skilled workers by 2025: Survey

An established company is one which has a market capitalization of at least US $500 million or an annual revenue of at least US $200 million.

How to renew the new work permit?

The Overseas Networks and Expertise Pass (ONE) can be renewed for five years on each renewal. A pass holder must meet either of the two criterion to be eligible for renewal-

• Earned a fixed average monthly salary of at least S$30,000 for the past five years in Singapore.
• Must have started or is operating a Singapore-based company that employees at least 5 locals earning at least S$5,000.

The current work permit

Singapore’s current work permit is usually valid for a duration of two years. The duration may get shorter depending on-

• Validity of the worker’s passport: The work permit will expire one month before the passport’s expiry date.
• Duration of the security bond: Work Permit validity will be 2 months before the security bond expires.

Each year, many foreigners apply for Singapore’s work visa, also known as the work permit. Applicants are usually attracted to Singapore’s great job opportunities, high salaried jobs and a great tax system.

Also  read: 34% Indians want to switch jobs, 81% feel remote work feasible: PwC survey

According to data available on the official website of Singapore’s Ministry of Manpower, Singapore had a total foreign workforce of 12,00,400 as on December 2021.