Everything About the New EP Min Salary & S'pore Retirement Age Summarised for You

The Ministry of Manpower (MOM) has announced changes related to Employment Pass (EP) holders and retirement age in Singapore. Key points include:* Increase in minimum monthly salary for EP applicants from S$5,000 to S$5,600 effective January 1, 2025.* Minimum salary for mid-40s candidates can increase to up to S$10,700.* Increase in minimum salary for employees in the financial services sector from S$5,500 to S$6,200 per month.* Retirement age will increase from 63 to 64 effective July 1, 2026.* Re-employment age will rise from 68 to 69, and companies are required to offer eligible staff re-employment until that age on necessary adjusted terms.* Plans to increase retirement and re-employment ages to 65 and 70 respectively by 2030.