Reminder: Minimum monthly salary increases Sept. 1

IMPACT — MEDIUM

Employers are reminded that the Singaporean government will increase its monthly minimum salary for S pass holders in September.

Key Points:

• Beginning Sept. 1, 2023, the monthly minimum salary for new S pass applicants will increase to 3,150 SGD (about US$2,322). The monthly minimum salary for new S pass applicants in the financial sector will rise to 3,650 SGD.
• The increase in monthly minimum salary will apply to S pass renewal cases beginning Sept. 1, 2024.

Additional Information: S pass levies for Tier 1 companies will increase to 550 SGD; Tier 2 levies will remain at 650 SGD.

BAL Analysis: Businesses may see a slight increase in labor costs because of the new minimum wage. Employers should take the new wage minimums into account when planning their budgets.

This alert has been provided by the BAL Global Practice Group. For additional information, please contact berryapplemanleiden@bal.com.

Copyright © 2023 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries, please contact copyright@bal.com.