What is an Employment Pass – What is a personalized Employment Pass?
The EP is relativaely easy to get but has its disadvantages. So you have for example to aply for a new EP everytime you change your job. But in my opinion the worst thing is that upon loosing your job, you have exactly one month time to pack your stuff, cancell all your contracts and totally reorganize your life before you MUST leave Singapore. You probably agree with me that thats nearly impossible.
The alternative for the EP is the Permanent Resident status which is hard to obtain (a lot of formal stuff) and takes a long time until confirmed (between 3 and 5 month during busy times)
PEP – Time For A Change
Since the Singapore government pays a lot of attention to “foreign talent” and especially KEEPING foreign talent, the PEP was a very smart thing to come up with. It is not bound to any company anymore means you aply for it once (and only once!) and if granted it stays valid for 5 years.
Another great thing is that from the submition till the approval or rejection only an average 2 weeks pass by, which is a huge step forward from the months for PR.
Furthermore upon being sacked by your company, you dont have to rush out of the country, instead you have a full 6 month time, to either find a new job or slowly wave good bye to Singapore.(Read: Work Permits For Singapore)
Easy To Apply – But To Get?
In fact everybody can apply for the PEP since the MOM states “We will be flexible in considering individual cases that do not meet the minimum criteria but merit the issuance of a PEP“. However if you want to have the maximum chjance of success, the following applicants will be considered the best chances:
- Oversea workers with a fixed monthly income of 7000SD or more
- Former P1 holders that are living overseas and are not unemployed for more then 6 month
- P2 Holders who are working in Singapore for at least 2 years and have a minimum anual income of 30.000SD
- Q1 holders, working in Singapore for at least 5 years with a minimum income of 30.000SD
The PEP is actually a “pimped” version of the EP. It brings all the advantages that the EP is missing (like possibility to stay longer after loosing your job) but is it an alternative to the PR as well?
We say yes, IF your objective is to stay in Singapore, work here, but at one point leave again. The PR gives you the chance to attribute / gain from the retirement plan in Singapore and grants you several other advantages the EP or PEP doesnt offer, but mostly for people who have a longterm plan for their stay in Singapore.