PEP was launched to attract global talent of outstanding caliber. Stable, because of assurance of continued stay, provided the holder is successfully employed within the stipulated time and flexible because it assures freedom of choice of employment.
Singapore (PRWEB) August 03, 2011
Satish Bakhda’s comment comes on the sideline of the recent statement by Mr. Lee Kuan Yew while speaking at the closing session of the two-day South Asian Diaspora convention. He said that Singapore has been able to punch above its own weight and have a vibrant economy because it has remained open to foreign talent to add to the pool which can be developed locally. This has relatively cleared the air on the country’s stand on its foreign talent policy amidst the growing concerns among locals. The statement reminded that a change in the policy will hinder the growth of the country.
The globalization and the resultant free flow of capital, goods and people and exchange of information have tipped off a trend – talent in transit. Exceptionally qualified and skilled people seek and seize the opportunities and Singapore, being the hub of Asia and a significant center of growth, offers irresistible opportunities for such people. Satish of Rikvin Consultancy, a leading immigration service provider in Singapore says although there are several work passes available, Personalized Employment Pass(PEP) hosts some unique merits that sets it apart from the rest and it is available for a privileged few with exceptional skills, qualifications or professional track record.
Rikvin Consultancy further elaborates on the advantages of PEP.
PEP is a work visa which is issued to a foreigner based on the applicant’s merit. Foreigners who fit any of the following criteria become eligible to apply for the PEP
- Overseas foreign professional whose last drawn fixed monthly salary overseas was at least $8,000. They should not have remained unemployed for more than six months.
- Current holders of employment passes such as, P1, P2 and Q1. While the P2 pass holders are required to have held that status for at least two years the Q1 Pass holders ought to held the status for at least five years. Both should have earned a fixed salary of minimum S$34,000 in the preceding year. There are no restrictions of minimum holding period on P1 pass holders.
- Former P1 pass holders who are presently not staying in Singapore are also eligible to apply for PEP. At the point of application, the former P1 Pass holders should not have remained unemployed for more than six months.
- Foreigners graduated from institutions of higher learning in Singapore with at least two years of working experience on a P or Q1 Pass. A minimum fixed salary of at least $34,000 in the preceding year is also a prerequisite.
The key highlight of the PEP is that it is issued to an individual based on his or her merit therefore not tied to a specific employer. They do not have to stay put with an employer because of the work pass constraints. They have the flexibility and liberty to switch jobs at their free will and explore opportunities.
Moreover, PEP holders are entitled to stay in Singapore for up to 6 months in between jobs to evaluate employment opportunities. On finding the right fit, they may hit the ground running without having to go through the EP application hassles. This also makes it easier for the hiring company because it reduces the work on their side as well as a high value resource becomes available to them almost instantly. Thus it will enhance the holder’s attractiveness to the potential employers as well as unfold unlimited opportunities.
An individual can apply for PEP in his individual capacity even before he has a job in Singapore. PEP is valid for five years and non renewable. PEP holders are eligible to bring his/her spouse and children below 21 years of age on Dependant Passes. A P Pass holder can also bring his/her parents and parents-in-law on Long Term Visit Passes.
PEP has certain limitations, any changes in employment, local contact, address, travel document etc must be duly updated with the MOM and the PEP holders have to declare to the MOM, their annual earnings within 30 days at the end of each calendar year. More importantly, it is not renewable like other work passes, the PEP holder must apply for ordinary Employment pass and remain bound to an employer or alternatively may apply for Permanent Resident(PR ) Status. Since they are endowed with outstanding skills, qualifications and track record, PR status for PEP holders will not be that elusive.
Satish Bakhda of Rikvin consultancy says “PEP was launched to attract global talent of outstanding caliber. It blends a sense of stability as well as flexibility in a unique way. Stable, because of assurance of continued stay, provided the holder is successfully employed within the stipulated time and flexible because it assures freedom of choice of employment. Both are important for talents in transit, who look for challenges but are not willing to compromise on autonomy and growth. Most often PEP holders are more than adequately pepped by the vibrant economy of Singapore that they continue to stay by graduating to PR status and the few venturous types embrace the opportunities here by opting for normal EPs. Howsoever, PEP provides an opportunity for a longer courtship period with Singapore, and deserving talents keen on Singapore should definitely tap it.”
Rikvin offers business solutions for both local and foreign investors and entrepreneurs. The firm provides professional services on company registration, offshore company incorporation, work visa, taxation, accounting and immigration services.
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : +65-6438-8887