Singapore raises local qualifying salary to $1,600
The hourly rate has also been increased to $10.50 per hour, says DPM Wong.
Singapore has raised the local qualifying salary (LQS) to $1,600 in 2024, up from $1,400 previously.
The hourly rate has also been increased to $10.50 per hour, from $9 previously, says Deputy Prime Minister Lawrence Wong in his 2024 budget statement.
The LQS determines the number of local employees who can be used to calculate a firm’s Work Permit and S Pass quota entitlement, according to the Ministry of Manpower (MOM). This means that companies that have access to foreign workers, can hire foreign workers for every local worker that earns $1,600, subjected to prevailing dependency ratio ceilings.
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For companies concerned about rising costs due to these changes, Wong said that they are topping up the progressive wage credit scheme (PWCS) fund by $1b; and is raising the PWCS wage ceiling up to $3,000 by 2025 from just $2,500 previously.
PWCS refers to a scheme where the government jointly funds wage increases for lower-wage workers, first introduced in 2022.
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