Singapore Company Registration Service Offers Work Pass Processing
With work pass holders’ salary thresholds for foreign workers being increased, foreign and local companies in Singapore are seeking the help of Singapore company registration and consultancy services in having the employment and Singapore passes of their hired workers approved.
Since late last year, salary thresholds of foreign skilled workers have been increased as follows: SG$2,000 up from SG$1,800 for S-Pass holders; SG$2,800 up from SG$2,500 for employment pass Q1 holders; and SG$4,000 from SG$3,500 for P2 EP holders, and SG$8,000 from SG$7,000 for P1 EP holders. The qualifying increase will be carried out in phases until July 2013.
“We need to raise the qualifying salary thresholds for EP and S-Pass applicants accordingly to keep pace with the local labour market and to encourage companies to be more selective in hiring foreign talent who can contribute to our economy,” said Singapore Manpower Minister Gan Kim Yong during a press conference.
While seen as a welcome challenge for employees to do their best on interviews and for employers to practice responsible hiring practices and avoid giving out token salaries to local workers, the salary threshold has made it harder for employers and workers to fill in vacancy slots. Labor rates have plummeted by 2.1 percent as a result since the demand is not being met.
Singapore is home to over 7,000 multi-national companies, 4,200 of which are regional headquarters. Foreign workers make up a large volume of this growing labor market, which is already saturated by locals.
Various kinds of work visas are required of workers to be able to stay in the country such as work permits for blue-collared workers, and P1 and P2 types of employment passes for niche workers.
Singapore company registration companies like Richmond Pte Ltd. are keen on offering expedited employment pass application and approval for foreign companies and their manpower to ensure that the company can focus more on growing their investments in Singapore and not waste any time on trying to get around administrative obstacles.