Rikvin Advises Gold Collar Professionals to Opt for the Personalized Employment Pass Over the last three years, the Ministry of Manpower (MOM) has taken graduated steps to manage the size of its foreign workforce. Between July 2011 and January 2012, the Singapore employment passframework has been tightened twice. With effect of 1 July 2012, firms in the manufacturing industry will see their quota for foreign work permit holders reduced to 60%, while the service industry employers will have to comply with the 45%foreign work permit holder threshold.
However, no changes have been made to the Personalized employment pass(PEP) framework, indicating that the demand for high-caliber or gold-collar professionals still remains relevant to Singapore’s economy.
In light of this, Singapore Company Registration specialist, Rikvin recommends gold collar professionals to apply for the Personalized employment pass (PEP). Unlike all other work visas issued by the Ministry of Manpower in Singapore, the Personalized employment pass is the sole Singapore employment visa that is independent of any employer, rendering a PEP holder the flexibility and freedom to switch employers without having the passrevoked.
In addition, the Singapore Personalized employment pass is issued to individuals based on their own merits. Once issued, it is valid for 5 years, and is non-renewable thereafter.
In gist, the Personalized employment pass, which is issued by the Ministry of Manpower, brings with it the following benefits: • • • •
The PEPholder may reside in Singapore for up to six months while in between jobs and to evaluate career opportunities; The PEPholder does not have to cancel and re-apply for a new visa each time he/she changesjobs during the 5-year validity period; The PEPis a one-time visa with the option to switch back to a regular employment passor apply forSingapore permanent residence (PR); The Personalized employment passalso enjoys Dependent Passprivileges i.e.
the ability bring one’s spouseand children below 21 years of age to reside in Singapore and Singapore companies will be able to hire PEPholders the same way they hire Singapore citizens and Permanent Residents.
Commenting further, Mr. Satish Bakhda, Rikvin’s Head of Operations said, “Many people do not know of this route when considering a move to Singapore. The PEPis similar to P1 Employment Pass, but with more benefits. Unlike other work passes, the PEPconfers more freedom to the individual to pursue employment in Singapore without affecting the status of his employment passor stay in Singapore during the five year validity period. This in turn makes it more attractive to high-caliber professionals who have the requisite qualifications, experience and salary.”
“Furthermore, as Singapore remains keen to attract high-caliber professionals to live and work in the republic, highly-qualified professionals are in good stead to tap this employment passprogram,” added Mr. Bakhda.
For more information on Personalized Employment Passrequirements, benefits and privileges, please visit: http://www.rikvin.com/visas/personalised-employmentpass/
About the Publisher: Rikvin is a Singapore-based consultancy that offers businesssolutions for both local and foreign professionals, investors and entrepreneurs. Rikvin’s areasof expertise include assistance for Singapore company incorporation or incorporation of a Singapore company, offshore company setup, accounting, taxation, Singapore work visa such as Personalised Employment Passand Singapore Entrepass, and other related corporate services. Rikvin also provides immigration services for foreign professionals wishing to relocate to Singapore. Rikvin PTELTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines: (65) 6438 8887 Fax (65) 6438 2436 http://www.rikvin.com