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Why is there a higher S Pass qualifying salary for the Financial Services sector?

Updated by MOM

MOM introduced a higher EP qualifying salary for the Financial Services sector in 2020, as salaries in the Financial Services sector have been consistently higher than in other sectors.  
 
Similarly, a higher S Pass qualifying salary for the Financial Services sector was introduced on 1 September 2022, to take into account the higher wage norms in the sector.

You can find out if your company is in the Financial Services sector.  

 

This information is sourced from MOM.

Topics:

Work passes and permitsS Pass

Related questions

Are higher S Pass qualifying salaries for the Financial Sector applicable to all jobs (including non-Finance jobs like IT)?

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Will MOM allow employers to reduce the salaries of their foreign employees?

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Will businesses get greater clarity on upcoming changes to the S Pass qualifying salary?

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