From 1 December 2020, the minimum qualifying salary for EP candidates in the Financial Services sector will be further raised to $5,000 for new applicants. The qualifying salaries for older and more experienced candidates will be raised correspondingly, with those in their 40s needing to meet around double the minimum qualifying salary for the youngest applicants.

For EP renewals, this new salary criteria will apply to those whose passes are expiring on or after 1 May 2021.

This information is sourced from MOM