Employment Benefits in Singapore With Personalised Employment Pass
Find Out the Employment Benefits in Singapore Before Moving to This City for Your New Job
In today’s world Singapore has become one of the leading countries that attract job seekers worldwide. According to the 2017 fiscal year records, Singapore falls in the category of a High-Income economy because it has a gross national income of over US $54,530. Not only for job seekers, but Singapore is also an optimistic place for business start-ups. The business regulations for trade and business in Singapore are lenient. That alone tags Singapore as one of the world’s best trade environments for the proliferation of competitive business. The industries that offer the greatest opportunity in Singapore are Pharmaceuticals, Information Technology, Financial Services, and Exports. The upthrust in these industries has made Singapore witness unprecedented growth.
The country’s notable progress became apparent in the last decade when the economic growth of Singapore overtook and came in the same line with some of the world’s most notable economies. The growth in GDP showed a profound elevation. The country’s trade-friendly policies are one of the primary reasons for the betterment and boost of trade. The Singapore Government has introduced the concept of Personalized Employment Pass that acts as a magnet to attract qualified professionals from different corners of the world to migrate to Singapore for better work opportunities, and that, in turn, strengthens the country’s economic backbone.
The Economic / Workforce Developments and Opportunities Announced by the Singapore Government
The Singapore Government pays a lot of attention to developing the workforce and economic opportunities in the country. There are plenty of factors that contribute to the rapid growth and upliftment of Singapore’s economic environment. The major factors of which include the optimum utilization of limited natural resources and the corruption-free work environment. A lucrative initiative by the Singapore Government is Asia’s Infrastructure Exchange. It is the financial hub that was initiated in the year 2017. This initiative provides a solid infrastructure for the growth of finance. There are multiple components and tiers of this infrastructure, including lawyers, engineers, multilateral banks, professional service providers, etc.
A second initiative that is considered remarkable in Singapore’s economic development e named Skills Future. Under this initiative, the government aims to improve the government’s existing workforce’s skill and educational qualification. This scheme allows a huge sum of money annually to provide continuous education to the existing workforce. It improves workforce quality in the best possible way. It is to ensure the workers’ uninterrupted upliftment and, in turn, of the countries’ human resources capital.
The World Bank Human Capital Index labels Singapore as one of the world’s top-ranking countries in Human Capital Development. The country spends effort and money on educating every individual right from childhood. When that person grows up, he/she can be skillfully productive and add to the country’s economic output.
Increasing Trend in Number of Managerial, High-Earning Executives or C-Level Jobs Available in Singapore
Records suggest that the manufacturing industry’s employment level in 2010 was 16.8% and drastically fell to 12.8% in 2019. In contrast, the service sector’s employment rate was 70.3 % at the end of the year 2009 and increased to 74.4 % at the end of the year 2019. The number of managerial, high earning executives, or C level jobs in Singapore are rising at an unexpectedly high rate. The clear link between the workers and the company’s strategic objectives is the major reason for driving employee engagement. The panoramic rise in the economy is creating more jobs in the C-Level and managerial sectors. Clear recognition of good work and the continuous feedback loop strategy is definitely very enthusiastic to drive the workforce and improve the employee incentive to work better and contribute to the country’s economy.
Brief Overview of Personalized Employment Pass and Its Advantages and Flexibility
Personalised Employment Pass or PEP has a great role in making the job environment in Singapore much more flexible, accessible, and open for all. The PEP introduction by Singapore’s government was to enhance the job flexibility for the middle and senior foreign executives who work in Singapore. A person who holds the PEP is entitled to stay in Singapore for an intermediary period of 6 months while shifting jobs. That means if you are a PEP holder in Singapore, you can stay in Singapore for 6 months between the jobs while you are looking for new job opportunities. PEP also offers an amazing opportunity for senior foreign executives with previous work experience to stay in Singapore, even without securing a full-fledged job in Singapore. The awarding of PEP by the Singapore government is based on the respective merit evaluation of an individual.
You can apply for a Personalised Employment Pass if you:
- Are a foreign executive and work overseas currently with a minimum income of US $18,000
- Are currently holding a P1 Employment Pass with a monthly salary of US $12,000
Once you secure a Personalised Employment Pass, it remains valid up to 3 years from the date of issue. It remains valid even if the individual changes the job. This pass is applicable for a job in any sector. It does not need a fresh renewal on every instance of job shifting. As discussed earlier, a person with PEP can stay in Singapore without searching for new job options.
All you have to do is fill in the application form for obtaining a Personalised Employment Pass from the Singapore Government by filling in personal details and attaching copies of the required documents. Submit this application form at MOM. Usually, the processing is completed in 5 weeks. When the processing is done, you will get mail at your designated id address. Go and collect the pass, and that is all. PEP’s increasing benefits are very evident from statistics put forward by MOM, which says that the percentage of Non Residents in Singapore who were engaged in jobs was -4.2 % at the end of the year 2009 while it increased to 41.5 % at the end of the year 2019.
For more details and expert advice on obtaining a Personalised Employment Pass in Singapore, you can connect with 3E Accounting. It is a one-stop solution for your business and will also help you to know about the benefits of setting up a business in Singapore.
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