Senior and middle level foreign executives are showing more interest in PEP because it provides them with the flexibility of changing employments, an this sort of flexibility is valued more in times of uncertain economic situations. Working on an Employment Pass (EP) means being tied to a company and also at its disposal, and there is always that fear when companies resort to lay-offs during difficult times. "PEP gives some peace of mind to the holder,” says Satish Bakhda of Rikvin Consultancy, a Singapore based immigration specialist and corporate services firm, "including the privilege to assess job options or situations during a 6-month window without being required to leave Singapore. http://www.rikvin.com/immigration-work-visas/personalised-employment-pass-pep/
(PRWEB) December 16, 2011
Owing to the poor economic forecast, the employers are reportedly taking a very conservative approach towards hiring and trying to resort to lean staffing structure. If the uncertainty continues or overwhelms the growth predictions, they may deploy tougher strategies which will adversely impact the foreign executives, so foreigners seeking employment opportunities in Singapore are choosing to play it safe.
It must be noted, however, that the eligibility requirements for PEP are much higher than the other types of employment passes. Although it can be obtained prior to securing a job in Singapore, it is granted for applicants with outstanding qualifications and extensive experience in their respective fields, and more importantly higher last drawn salaries overseas. A PEP holder must secure a job in Singapore within six (6) months from the date of obtaining the PEP and must not remain unemployed for more than six (6) months from the cessation of the previous employment. The PEP is valid for five (5) years and is only granted once.
PEP Eligibility Requirements are as follows
- Overseas Applicant earning a minimum salary of S$8,000 per month (last drawn salary should not be older than 6 months at the time of application).
- A former P1 category Employment Pass holder who resides overseas (likewise, please note that you should not be unemployed for more than a continuous period of six months at the point of application).
- A current P1 category Employment Pass holder.
- A current P2 category Employment Pass holder with at least two years of working experience under the P2 category and has earned a fixed salary of at least S$ 34,000 in the preceding year.
- A current Q1 category Employment Pass holder with at least five years of working experience under the Q1 category and has earned a fixed salary of at least S$ 34,000 in the preceding year.
- A foreign graduate from institutions of higher learning in Singapore with at least two (2) years of working experience on a P or Q1 category Employment Pass
Elaborating further on the recent trend Satish Bakhda says “PEP provides the much desired flexibility in these uncertain times. More importantly, the PEP is obtained based on the applicant's own merits, and the holder is given the right to reside or stay in Singapore to find the suitable job. Pursuant to the other types of employment passes, the cessation of employment results in the cancellation of the pass, and the pass holder is given only one (1) month to either find another job or leave Singapore. The flexibility likewise allows the holder to change employers during the 5-year validity of the pass, which explains why even those currently holding P1 and P2 category employment passes show great interest in the PEP. We feel that there will be a spike in PEP applications, and we can look forward to more highly qualified foreign talents coming into the Singapore employment landscape.”
About Rikvin:
Rikvin offers business solutions for both local and foreign investors and entrepreneurs. The firm’s specialties includes company registration services, offshore company setup, incorporation and other related corporate services. Rikvin also provides professional services on accounting, taxation, immigration and application of Singapore work visa for foreign workers to work and relocate in Singapore.
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Website: http://www.rikvin.com/
###
Satish Bakhda
Rikvin Pte Ltd
+65-9221-9221
Email Information
There are no comments yet