If you have a dream to work and live in Singapore, you need to understand the available work passes. The Ministry of Manpower (MOM) offers various options, with the Employment Pass (EP) and Personalized Employment Pass (PEP) being two prominent choices for foreign professionals.
Employment Pass (EP)
- For foreign professionals, managers and executives, the EP is characterized by:
- A minimum monthly salary of $5,000 ($5,500 for financial sector).
- Validity of 2 years for new applications, 3 years for renewals.
- No foreign worker levy or quota required.
- Eligibility for long-term passes for family members.
- Ability to be a director and/or shareholder of a company.
- A 3-week processing time for applications.
Personalized Employment Pass (PEP)
- For high-earning foreign professionals, the PEP offers flexibility with:
- A minimum monthly salary of $18,000 (rising to $22,500 in Sep 2023).
- Not tied to an employer, allowing for job changes within the pass’s validity.
- Non-renewable validity of 3 years.
- No foreign worker levy or quota required.
- Ineligibility to be a director and/or sole shareholder of a company.
- A 8-week processing time for applications.
Benefits of the Personalized Employment Pass
The PEP in Singapore offers various benefits, including the freedom for unrestricted job exploration and changes within the pass’s validity. Unlike other passes, there’s no need for a confirmed job offer during the application process. PEP holders also can enjoy a generous 6-month grace period for job searching.
Additionally, they are allowed to bring dependents and parents to Singapore, and eligible to apply for Singapore permanent residence.
Similarities between EP and PEP
Both EP and PEP allow holders to live, work and reside in Singapore. Both passes facilitate easy travel in and out of Singapore without the entry visa formalities. Moreover, family members of pass holders are eligible to secure Long-Term Visit Pass (LTVP) and Dependent pass.
Relocating to Singapore involves more than obtaining a work pass; it requires considering the high living costs, especially in housing and schooling. Do a detailed research to understand the financial implications of the move.
Whether choosing the EP or PEP, do a detailed research to understand their intricacies and the broader aspects of relocation to ensure a well-informed and successful move to Singapore.