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Written Answer by Minister for Manpower Dr Tan See Leng to PQ on data on Employment Pass applications by family offices in Singapore

Foreign manpower Employment practices Work passes and permits

NOTICE PAPER NO.1375 OF 2022 FOR THE SITTING ON 3 OCTOBER 2022
QUESTION NO. 3418 FOR WRITTEN ANSWER

MP: Mr Gan Thiam Poh 

To ask the Minister for Manpower whether the Ministry can provide additional Workfare Income Supplement in cash to support the beneficiary to better cushion the impact of inflation.

Answer:

  1. Based on the Monetary Authority of Singapore’s (MAS) estimates, there are about 700 Single Family Offices (SFOs) in Singapore as at end-2021.

  2. Employment Pass (EP) applications from SFOs are handled in the same way as other EP applications. EP applications from SFOs are also rejected for reasons similar to other EP applications. These include the inability to meet the salary criteria as well as the inability to pass MOM’s verification checks on the profile of the applicant and hiring company.

  3. The Overseas Networks & Expertise (ONE) Pass is open to top talent across all sectors. Applicants will need to earn a fixed monthly salary of at least S$30,000 within the last year or with their future employer based in Singapore. In addition to meeting the salary criteria, overseas candidates will also need to demonstrate that they have been working for an established company overseas for at least one year or will be working for an established company in Singapore. For a company to be considered established, it must have a market capitalisation of at least US$500 million or an annual revenue of US$200 million.

  4. Applicants from SFOs can apply for ONE Pass if they are able to meet the above criteria. If not, they can continue to apply for other work passes.