In case you missed it, the Ministry of Manpower (MOM) announced a new employment pass on August 29 called the Overseas Network and Expertise (ONE) Pass. The “signature pass” is specially designed to attract top talent from all over the world across all sectors and will allow high-earners and high-achievers to live in Singapore. Here are 5 notable things you should know about ONE Pass:
- To qualify, applicants would need to earn a fixed monthly salary of S$30,000 and above; which is more than 6x higher than the salary requirement of S$4,500 for ordinary employment pass schemes.
- Alternatively, applicants can also qualify if they have “outstanding achievements” in arts and culture, sports, science and technology, or research and academia.
- It will be open for applications from 1 January 2023.
- The pass validity will be for 5 years.
- The pass will allows holders to concurrently start, operate, and work for multiple companies in Singapore at any one time.
Today we will be sharing our thoughts on what this new scheme means for ordinary EP and S Pass holders in terms of attaining Singapore PR. And, if you have any more questions, we’re just a click away!
What Does The ONE Pass Mean For Ordinary EP & S Pass Holders’ Future In Singapore?
The launch of the ONE pass is echoing what the Prime Minister said during the National Day Rally speech “Singapore must build up a “world-class talent pool” by developing its own workforce while continuing to attract talent from abroad.” And the introduction of the ONE pass is a step toward making this vision a reality.
The approach to make Singapore a hub for top talent in the world will not only help attract businesses but will also help level up the skills of its local workforce. As a domino effect, once the local workforce becomes more competent and advanced, the changes in workforce demographics may start to appear. Furthermore, it’s no secret that the description of a “world-class talent pool” doesn’t include people who are employed in low to mid-level positions that commonly make up the majority of S Pass and EP holders.
Also, it’s important to remember that at the beginning of 2021, the government introduced a special Tech.Pass. And back in March 2022, introduced a new points system called COMPASS to select high-quality foreign professionals that’ll go into effect from September next year.
Coupled with these few steps, it seems as if the building blocks for future Singapore have already been laid down. Even though for now as an EP or an S Pass holder, you might have nothing to worry about but, who knows when the government might introduce more selective, stricter and higher qualifying criteria? Or for that matter launch even more new targeted schemes seeing how the government is becoming more and more talent-centric.
What Should You Do Next?
In our expert opinion, if you are an S Pass or an EP holder, you should seriously start thinking about applying for Singapore PR ASAP!
The most important question you need to ask yourself is if and when in the future, being part of a “world-class talent pool” becomes the norm, will you be able to make the cut?
It is not our intent to blow the introduction of this new EP scheme out of proportion. But, our years of experience tell us that the writing is on the wall and if anything, this is just the beginning of something new.
We don’t want you to be blind-sighted by any new frameworks or criteria that might have the potential to have a significant effect on your future of wanting to live in Singapore.
Although the ordinary employment pass scheme and S Pass scheme continue to exist, it is also quite evident that the government is making considerable effort to attract and retain top-of-the-class, first-grade talent which falls in the line with their goals. Hence, the introduction of such schemes can make the already competitive Singapore Permanent Resident (PR) process even more so competitive.
The introduction of the ONE pass scheme might be a one-off or not. The future is uncertain, but the one thing that can make your and your family’s future certain in Singapore is securing the Singapore PR.
It is more than ever vital to submit a PR application that’s flawless, helps you stand out, and presents you as an ideal candidate. As such having highly experienced and insightful immigration specialists on your team can make a huge difference.
So, let us help make your Singapore dream a reality you can live and enjoy without worrying about any new changes!