- March 2, 2023
- Posted by: Vivek Sharma
- Category: Knowledge Base
On January 1st, 2023, Singapore launched the Overseas Network and Enterprises (ONE) pass, a new visa that offers five-year validity to attract top global talent. However, the $30,000 monthly salary required for the ONE Pass presents challenges for businesses in recruiting top talent.
ONE Pass Salary Threshold
While businesses are willing to pay competitive salaries to attract top talent, they are unlikely to “overpay” their employees to meet the salary threshold for the ONE Pass for over five years. The salary threshold is much higher than the Employment Pass (EP) salary cap, which is $5,000 or $5,500 for the financial services sector. The ONE Pass salary threshold is comparable to only 5% of the EP holders.
Impact on the Job Market and Local Talent
The launch of the ONE Pass raises questions about how it will impact the job market in Singapore and other countries and whether it will successfully attract the best global talent. The Singapore government still wants to grow its local talent, but foreign talent may be needed for some industries in the City-State.
Talent-Hungry Industries
The work experience of ONE pass holders would be helpful to companies that are looking for professional expertise to drive transformation or restructuring initiatives, particularly in high-growth sectors such as fintech, healthcare, and renewable energy. Employers in Singapore will also welcome ONE visa holders because it will allow them to engage with “hard-to-find talent,” particularly those working in Web3 and environment, social, and governance fields.
Top Talent in Singapore
Some of the top talents in Singapore come from the financial services, life sciences, technology, and logistics supply chain industries. Singapore has a strong reputation, as it is seen as a safe, family-friendly, and transparent community to conduct business.
Safeguards to Prevent False Salary Declarations
The government has implemented safeguards to prevent false salary declarations by ONE Pass holders. Applicants should submit a detailed curriculum vitae that includes academic qualifications, professional experience, accomplishments, and letters of endorsement by a local host research institution. The Ministry of Manpower will vet all ONE Pass applications, requiring applicants to provide documents to verify that the declared salary will be paid.
No Overlap with Employment Passes
Despite other employment passes, the new top talent pass is designed for a specific purpose, while the employment pass and other passes are for the general audience. Such a visa will be distinct, aiming to attract global talent.
Opportunities for Top Professionals
The ONE Pass’s five-year validity allows top professionals to live in Singapore and relocate their families. Their spouse will also receive a letter of consent to work in Singapore, simplifying the relocation process. Top talent worldwide knows that it’s a lot easier to move to Singapore with the ONE Pass, making it an attractive option for them.
Final Thoughts
Introducing the ONE Pass is a significant move to attract top global talent to Singapore. However, it presents challenges for businesses looking to recruit top talent but may face difficulties meeting the salary threshold. Nevertheless, it offers opportunities for businesses that need expertise in high-growth sectors and for top professionals who can elevate the calibre of talent in Singapore. With its strong reputation, Singapore is an attractive destination for global talent, and the ONE Pass further enhances its appeal.