Qualifying salary for Employment Pass applications to be raised
Posted 26 Jul 2016 12:47 Updated 26 Jul 2016 14:53
SINGAPORE: The qualifying salary for Employment Pass (EP) applications will be raised from S$3,300 to S$3,600 from the start of next year, according to the Ministry of Manpower on Tuesday (Jul 26).
This change is part of the ministry's regular updating of the EP qualifying salary to keep pace with rising local wages, maintain the quality of the foreign workforce and to better complement the local workforce, it said in its press release.
The previous minimum EP qualifying salary update was in January 2014, from S$3,000 to S$3,300, it added.
"With effect from Jan 1, 2017, only new EP applicants who can command a monthly salary of S$3,600 or more, subject to meeting other criteria on qualifications and experience, will be considered," said MOM.
"Those with more years of experience are also required to command higher salaries commensurate with their work experience and skill sets, as per current practice."
It added that there will be time for businesses to make adjustments. Existing EP holders whose passes expire:
a) Before 1 January 2017: Will be able to renew, for a duration of up to three years, based on existing EP criteria
b) Between 1 January 2017 and 30 June 2017 (both dates inclusive): Will be able to renew, for a duration of one year, based on the existing EP criteria
c) 1 July 2017 onwards: Will have to meet the new criteria for renewal, for a duration of up to three years
Employers are encouraged to use the Self-Assessment Tool (SAT) on the MOM website to assess if their EP candidates will meet the new salary criteria. The SAT will be updated by November 2016, the ministry said.
"POSITIVE MOVE": NTUC'S PATRICK TAY
Mr Patrick Tay, Assistant Secretary-General of the National Trades Union Congress (NTUC), called the change a “positive move” to keep up with the rising median wages of PMEs (professionals, managers and executives) and to maintain the quality of the foreign workforce.
“This, together with the series of other measures such as the FCF (Fair Consideration Framework), 'Triple Weak' Scrutiny, Jobs Bank and also tightening/scrutiny of conditions/criteria for EP will help level the playing field for our local PMEs and also build a stronger Singaporean core,” he wrote in a Facebook post on Tuesday.
At the same time, the Manpower Ministry should watch out for employers who use “creative means” to artificially increase the wages of foreign PMEs to meet this new criteria, he said, adding that the “bottomline is that local PMEs should be better off and not worse off”.
- CNA/kk
- wong chee tat :)
Showing posts with label wage. Show all posts
Showing posts with label wage. Show all posts
Tuesday, July 26, 2016
Wednesday, April 27, 2016
Expect lower wage growth in 2016: MAS
Expect lower wage growth in 2016: MAS
Wage growth will likely moderate and jobless numbers are expected to rise this year, the Monetary Authority of Singapore said in its biannual macroeconomic review on Wednesday.
Posted 27 Apr 2016 13:11
SINGAPORE: Wage growth will likely moderate in 2016 amid tepid employment demand and reduced tightness in Singapore’s labour market, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).
“With lower labour demand and supply, total job creation this year is expected to stay modest. As such, overall and resident unemployment rates are likely to rise slightly in 2016 alongside the weak cyclical conditions, intensifying industry reconfigurations in some sectors, as well as increasing skills mismatches within the resident workforce,” the MAS said, adding that redundancies could continue to rise in sectors buffeted by weak external demand and restructuring efforts.
As such, the overall resident wage growth is forecast to “moderate to about 2.5 to 3.0 per cent, from 3.5 per cent in 2015”.
However, salary increments will vary according to sectors.
In industries such as the community, social and personal (CSP) services sector where vacancy rates are higher, employees are likely to see higher increments, while those in sectors with greater slack, such as manufacturing, may see weaker wage increments.
“Both labour demand and supply in the economy are settling at permanently lower levels, in line with the moderation in Singapore’s trend gross domestic product (GDP) growth and ageing population,” the MAS report said.
The central bank added: “Alongside the fall in labour demand, there has been a reduction in foreign labour supply growth amid the tightening of foreign worker policies. Meanwhile, the supply of resident workers grew at a fairly stable pace, despite an increase in the entry of part-time workers into the workforce. Going forward, structural headwinds and demographic ageing could intensify and further moderate the trend component of employment growth.”
In the near term, labour demand will continue to hinge heavily on cyclical conditions and is expected to remain subdued, the MAS said.
Latest results from the ManpowerGroup employment outlook survey showed the proportion of employers expecting to expand headcount falling to 10 per cent in the second quarter of 2016, from 14 per cent a year earlier.
- CNA/sk
- wong chee tat ):
Wage growth will likely moderate and jobless numbers are expected to rise this year, the Monetary Authority of Singapore said in its biannual macroeconomic review on Wednesday.
Posted 27 Apr 2016 13:11
SINGAPORE: Wage growth will likely moderate in 2016 amid tepid employment demand and reduced tightness in Singapore’s labour market, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).
“With lower labour demand and supply, total job creation this year is expected to stay modest. As such, overall and resident unemployment rates are likely to rise slightly in 2016 alongside the weak cyclical conditions, intensifying industry reconfigurations in some sectors, as well as increasing skills mismatches within the resident workforce,” the MAS said, adding that redundancies could continue to rise in sectors buffeted by weak external demand and restructuring efforts.
As such, the overall resident wage growth is forecast to “moderate to about 2.5 to 3.0 per cent, from 3.5 per cent in 2015”.
However, salary increments will vary according to sectors.
In industries such as the community, social and personal (CSP) services sector where vacancy rates are higher, employees are likely to see higher increments, while those in sectors with greater slack, such as manufacturing, may see weaker wage increments.
“Both labour demand and supply in the economy are settling at permanently lower levels, in line with the moderation in Singapore’s trend gross domestic product (GDP) growth and ageing population,” the MAS report said.
The central bank added: “Alongside the fall in labour demand, there has been a reduction in foreign labour supply growth amid the tightening of foreign worker policies. Meanwhile, the supply of resident workers grew at a fairly stable pace, despite an increase in the entry of part-time workers into the workforce. Going forward, structural headwinds and demographic ageing could intensify and further moderate the trend component of employment growth.”
In the near term, labour demand will continue to hinge heavily on cyclical conditions and is expected to remain subdued, the MAS said.
Latest results from the ManpowerGroup employment outlook survey showed the proportion of employers expecting to expand headcount falling to 10 per cent in the second quarter of 2016, from 14 per cent a year earlier.
- CNA/sk
- wong chee tat ):
Thursday, July 18, 2013
Greece austerity push to cost thousands of jobs
Greece austerity push to cost thousands of jobs
POSTED: 18 Jul 2013 1:36 PM
Greek deputies narrowly approved another wave of lay-offs and wage cuts affecting thousands of public sector workers Thursday, hours ahead of a rare visit to the country by the German finance minister.
ATHENS, Attica: Greek deputies narrowly approved another wave of lay-offs and wage cuts affecting thousands of public sector workers Thursday, hours ahead of a rare visit to the country by the German finance minister.
The sweeping bill of reforms, tied to the country's next tranche of EU-IMF loans, was passed despite days of street protests.
It gives thousands of civil servants -- including teachers and municipal police -- eight months on reduced salaries to find new posts elsewhere, or accept those offered to them.
Otherwise, they will lose their jobs.
Hundreds of protesters had gathered outside parliament for the late-night vote, a day after thousands had demonstrated in a general strike called against the reform.
The coalition government's majority carried most of the tougher articles by a vote of 153 to 140, the parliament speaker said.
It was a close call for the coalition, which has a five-seat majority in the chamber.
Two government deputies did not attend the vote, and a third had to be brought out of hospital to cast his ballot, reports said.
The bill's approval will enable Greece to receive its next instalment of 6.8 billion euros ($8.9 billion) in rescue funds cleared by eurozone finance ministers.
The vote came just hours before German Finance Minister Wolfgang Schaeuble was to make a rare visit to Athens Thursday, reportedly to help set up a support fund for struggling businesses.
His visit poses another challenge for authorities. Schaeuble is seen by some in Greece as a champion of the tough austerity policies that have gripped the country like a vice for the past four years.
A large security cordon will be thrown around Athens to ward off possible protests during his visit.
Greece has been forced to implement a series of painful reforms over the past four years in exchange for 240 billion euros in rescue funds put up by the European Union and International Monetary Fund.
The sweeping job, pay and pension cuts have hit Greeks hard, sparking mass protests and general strikes.
Overall, Greece must redeploy 25,000 civil servants and fire another 4,000 by the end of the year.
About 4,200 state staff are already due to be redeployed by the end of July.
The main opposition Syriza leftists have called the measure "human sacrifice", and said the country's creditors were motivated by "hatred" for demanding it.
Prime Minister Antonis Samaras on Wednesday defended the unpopular measure.
"Better days will come for our people," he said in a televised address hours before the vote.
"We will not let up. We will climb uphill and reach the end, which is not far."
He also announced a 10-percent drop in restaurant sales tax to boost the tourist season.
Samaras has been under heavy pressure this past month to hold his government together after losing one of his coalition allies in June in the wake of an earlier round of job cuts affecting state broadcaster ERT.
The bill also covers a partial overhaul of the tax system, including the introduction of new criteria for taxable income and the adjustment of tax thresholds.
Some 52 specialities taught at public vocational schools will also be abolished from next week according to the bill, which leading union GSEE has called a "tombstone" for Greek workers.
About 4,000 civil servants, according to a police source, staged a sit-in on Wednesday in Athens' central Syntagma square near the parliament to protest against the vote.
The orange jackets of school caretakers mingled with the khaki uniforms of municipal police officers.
"They have destroyed our dreams," said municipal worker Nekatorios Chargidis, in tears. "What are we going to be able to tell our children?"
Municipal employees have been on strike since Monday, with garbage piling up in the streets as a result.
On Tuesday, more than 20,000 people protested in Athens and Greece's second city Thessaloniki during a general strike called by the main unions.
Now in its sixth year running of recession and with the unemployment rate at a record 27 percent, Greece is not expected to post growth before 2014.
- AFP/ac
- wong chee tat :)
POSTED: 18 Jul 2013 1:36 PM
Greek deputies narrowly approved another wave of lay-offs and wage cuts affecting thousands of public sector workers Thursday, hours ahead of a rare visit to the country by the German finance minister.
ATHENS, Attica: Greek deputies narrowly approved another wave of lay-offs and wage cuts affecting thousands of public sector workers Thursday, hours ahead of a rare visit to the country by the German finance minister.
The sweeping bill of reforms, tied to the country's next tranche of EU-IMF loans, was passed despite days of street protests.
It gives thousands of civil servants -- including teachers and municipal police -- eight months on reduced salaries to find new posts elsewhere, or accept those offered to them.
Otherwise, they will lose their jobs.
Hundreds of protesters had gathered outside parliament for the late-night vote, a day after thousands had demonstrated in a general strike called against the reform.
The coalition government's majority carried most of the tougher articles by a vote of 153 to 140, the parliament speaker said.
It was a close call for the coalition, which has a five-seat majority in the chamber.
Two government deputies did not attend the vote, and a third had to be brought out of hospital to cast his ballot, reports said.
The bill's approval will enable Greece to receive its next instalment of 6.8 billion euros ($8.9 billion) in rescue funds cleared by eurozone finance ministers.
The vote came just hours before German Finance Minister Wolfgang Schaeuble was to make a rare visit to Athens Thursday, reportedly to help set up a support fund for struggling businesses.
His visit poses another challenge for authorities. Schaeuble is seen by some in Greece as a champion of the tough austerity policies that have gripped the country like a vice for the past four years.
A large security cordon will be thrown around Athens to ward off possible protests during his visit.
Greece has been forced to implement a series of painful reforms over the past four years in exchange for 240 billion euros in rescue funds put up by the European Union and International Monetary Fund.
The sweeping job, pay and pension cuts have hit Greeks hard, sparking mass protests and general strikes.
Overall, Greece must redeploy 25,000 civil servants and fire another 4,000 by the end of the year.
About 4,200 state staff are already due to be redeployed by the end of July.
The main opposition Syriza leftists have called the measure "human sacrifice", and said the country's creditors were motivated by "hatred" for demanding it.
Prime Minister Antonis Samaras on Wednesday defended the unpopular measure.
"Better days will come for our people," he said in a televised address hours before the vote.
"We will not let up. We will climb uphill and reach the end, which is not far."
He also announced a 10-percent drop in restaurant sales tax to boost the tourist season.
Samaras has been under heavy pressure this past month to hold his government together after losing one of his coalition allies in June in the wake of an earlier round of job cuts affecting state broadcaster ERT.
The bill also covers a partial overhaul of the tax system, including the introduction of new criteria for taxable income and the adjustment of tax thresholds.
Some 52 specialities taught at public vocational schools will also be abolished from next week according to the bill, which leading union GSEE has called a "tombstone" for Greek workers.
About 4,000 civil servants, according to a police source, staged a sit-in on Wednesday in Athens' central Syntagma square near the parliament to protest against the vote.
The orange jackets of school caretakers mingled with the khaki uniforms of municipal police officers.
"They have destroyed our dreams," said municipal worker Nekatorios Chargidis, in tears. "What are we going to be able to tell our children?"
Municipal employees have been on strike since Monday, with garbage piling up in the streets as a result.
On Tuesday, more than 20,000 people protested in Athens and Greece's second city Thessaloniki during a general strike called by the main unions.
Now in its sixth year running of recession and with the unemployment rate at a record 27 percent, Greece is not expected to post growth before 2014.
- AFP/ac
- wong chee tat :)
Thursday, December 13, 2012
Hong Kong plans to raise minimum wage
Hong Kong plans to raise minimum wage
Posted: 12 December 2012 2211 hrs
HONG KONG: Hong Kong plans to raise the city's minimum wage to HK$30 (US$3.87) an hour, a minister said Wednesday, in a hike slammed by labour groups as inadequate for the Asian financial hub.
Labour minister Matthew Cheung said the raise represents a 7.1 percent increase from the HK$28 pay per hour at present, which was introduced in May last year partly to tackle a widening income gap between the rich and poor.
"(The new rate) will be effective from May 1 next year if it is approved by the legislative council," Cheung told reporters, adding that around 320,000 workers are expected to benefit from the adjustment.
Critics however said the raise was too small to cover inflation and the high cost of living in Hong Kong, which is one of the world's most expensive city to live in with its sky-high property prices.
"We are not satisfied with the government proposal and think the hike is unreasonable," Labour Party chairman Lee Cheuk-yan said.
The city introduced the controversial pay floor for the first time last year after fierce opposition from employers.
Known for its stunningly wealthy tycoons, the southern Chinese city is also home to hundreds of thousands of workers who live on hourly wages sometimes as low as US$2 an hour prior to the introduction of the minimum wage.
Hong Kong's inflation rose 5.3 percent year-on-year in 2011, and may gain 3.9 percent this year according to a government forecast.
- AFP/lp
- wong chee tat :)
Posted: 12 December 2012 2211 hrs
HONG KONG: Hong Kong plans to raise the city's minimum wage to HK$30 (US$3.87) an hour, a minister said Wednesday, in a hike slammed by labour groups as inadequate for the Asian financial hub.
Labour minister Matthew Cheung said the raise represents a 7.1 percent increase from the HK$28 pay per hour at present, which was introduced in May last year partly to tackle a widening income gap between the rich and poor.
"(The new rate) will be effective from May 1 next year if it is approved by the legislative council," Cheung told reporters, adding that around 320,000 workers are expected to benefit from the adjustment.
Critics however said the raise was too small to cover inflation and the high cost of living in Hong Kong, which is one of the world's most expensive city to live in with its sky-high property prices.
"We are not satisfied with the government proposal and think the hike is unreasonable," Labour Party chairman Lee Cheuk-yan said.
The city introduced the controversial pay floor for the first time last year after fierce opposition from employers.
Known for its stunningly wealthy tycoons, the southern Chinese city is also home to hundreds of thousands of workers who live on hourly wages sometimes as low as US$2 an hour prior to the introduction of the minimum wage.
Hong Kong's inflation rose 5.3 percent year-on-year in 2011, and may gain 3.9 percent this year according to a government forecast.
- AFP/lp
- wong chee tat :)
Wednesday, November 21, 2012
研究：少年越快乐 成年收入越高
研究：少年越快乐 成年收入越高
研究显示，少年时期越快乐，成年后收入越高。
科研人员对1万名美国少年进行长达10年的追踪调查后发现，少年时期较不快乐的人，29岁时的收入比平均少百分之30；少年时较快乐的人，29岁时的收入则比平均高出百分之10。
参与调查的青少年必须在16、18和22岁时，完成问卷调查，评估他们对生活的满意度。研究人员排除了性别、智商、健康情况、身高等因素后发现，收入多寡与年轻时的快乐程度有关。即使是来自同一个家庭的兄弟姐妹，较快乐的人，收入也会更高。
研究人员认为，一个人快乐时，顾虑就比较少，注意力也比较集中，因此，能更专注地为事业打拼。
- wong chee tat :)
研究显示，少年时期越快乐，成年后收入越高。
科研人员对1万名美国少年进行长达10年的追踪调查后发现，少年时期较不快乐的人，29岁时的收入比平均少百分之30；少年时较快乐的人，29岁时的收入则比平均高出百分之10。
参与调查的青少年必须在16、18和22岁时，完成问卷调查，评估他们对生活的满意度。研究人员排除了性别、智商、健康情况、身高等因素后发现，收入多寡与年轻时的快乐程度有关。即使是来自同一个家庭的兄弟姐妹，较快乐的人，收入也会更高。
研究人员认为，一个人快乐时，顾虑就比较少，注意力也比较集中，因此，能更专注地为事业打拼。
- wong chee tat :)
Wednesday, December 1, 2010
US firms post best job gains in three years
US firms post best job gains in three years
Posted: 01 December 2010 2153 hrs
WASHINGTON : US private sector employment saw strong gains in November, with payrolls expanding by 93,000 -- the largest jump in three years, payrolls firm ADP said Wednesday.
"This month's ADP national employment report shows an acceleration of employment and suggests the nation's employment situation is brightening somewhat," the firm said.
The 10th consecutive month of gains offered hope that the job sector, still convalescing after a brutal economic recession, was on the mend.
But ADP warned "employment gains of this magnitude are not sufficient to lower the unemployment rate".
That echoes concerns by Federal Reserve chairman Ben Bernanke, who on Tuesday warned current high levels of unemployment could become entrenched and have a "very long-term effect" on the US economy.
Describing job creation as "probably the most important economic issue facing America today," Bernanke cautioned on the risks of long-term unemployment.
With nearly 40 percent of the US workforce unemployed for more than six months, fears are growing that that high jobless rates may be more than a temporary result of a brutal recession.
"This is very unusual and very worrisome," Bernanke said, warning that workers could become detached from the workforce, skills could erode over time and firms become more skeptical about the unemployed.
"This could have a very long-term effect on people's wages, on their employability," Bernanke said.
He added the world's largest economy was not growing fast enough to handle even the number of people entering the workforce, with 2.0 percent to 2.5 percent growth needed to just to keep up.
The Fed has predicted gross domestic product growth will hit 2.4-2.5 percent this year.
The unemployment rate remained stuck at 9.6 percent in October for the third month in a row.
The November jobs report is due on Friday.
- AFP/ch
- wong chee tat :)
Posted: 01 December 2010 2153 hrs
WASHINGTON : US private sector employment saw strong gains in November, with payrolls expanding by 93,000 -- the largest jump in three years, payrolls firm ADP said Wednesday.
"This month's ADP national employment report shows an acceleration of employment and suggests the nation's employment situation is brightening somewhat," the firm said.
The 10th consecutive month of gains offered hope that the job sector, still convalescing after a brutal economic recession, was on the mend.
But ADP warned "employment gains of this magnitude are not sufficient to lower the unemployment rate".
That echoes concerns by Federal Reserve chairman Ben Bernanke, who on Tuesday warned current high levels of unemployment could become entrenched and have a "very long-term effect" on the US economy.
Describing job creation as "probably the most important economic issue facing America today," Bernanke cautioned on the risks of long-term unemployment.
With nearly 40 percent of the US workforce unemployed for more than six months, fears are growing that that high jobless rates may be more than a temporary result of a brutal recession.
"This is very unusual and very worrisome," Bernanke said, warning that workers could become detached from the workforce, skills could erode over time and firms become more skeptical about the unemployed.
"This could have a very long-term effect on people's wages, on their employability," Bernanke said.
He added the world's largest economy was not growing fast enough to handle even the number of people entering the workforce, with 2.0 percent to 2.5 percent growth needed to just to keep up.
The Fed has predicted gross domestic product growth will hit 2.4-2.5 percent this year.
The unemployment rate remained stuck at 9.6 percent in October for the third month in a row.
The November jobs report is due on Friday.
- AFP/ch
- wong chee tat :)
Sunday, October 25, 2009
Employers urged to adopt fair wage system for older workers
Employers urged to adopt fair wage system for older workers
By Saifulbahri Ismail/Asha Popatlal, Channel NewsAsia
SINGAPORE : Manpower Minister Gan Kim Yong has urged companies to adopt a fair and equitable stance in dealing with workers' wages when they turn 60.
Mr Gan said employers should not simply reduce salaries by the maximum 10 per cent permitted by the law.
The practice of a pay cut of up to 10 per cent for older workers started some 10 years ago.
Then, it was meant to alleviate the costs associated with a seniority-based wage system, and help ease the burden on companies as the retirement age was raised progressively from 60 to the prevailing 62.
Recently, the labour movement said it wants to end this practice.
Speaking to reporters at a community event on Saturday, Mr Gan called on companies to consider installing a more flexible-based wage system.
He said: "They really should take into account whether the seniority wage system still exists in the company. They should also take into account reasonable factors such as the type of jobs that they are doing, the productivity of the workers and the performance of the workers."
The Manpower Minister also responded to feedback given by older workers who have raised concerns about the cut in employers' Central Provident Fund (CPF) contribution rate.
Upon turning 50, this is reduced from 14.5 per cent to 10.5 per cent. Those aged 60 receive 5 per cent, or a two-third reduction from the top rate.
Mr Gan explained this is necessary to enhance the employability of older workers.
He said: "If we were to raise the CPF now or restore the CPF for the older workers, it may adversely affect the employability of the older workers and affect the competitiveness of the company and eventually, it will not be to the advantage of our older workers."
The Manpower Ministry said the employment rate of older workers aged 55 to 64 has improved, up from 45 per cent in 2003 to 57 per cent at end-2008.
- CNA/ms
- wong chee tat :)
By Saifulbahri Ismail/Asha Popatlal, Channel NewsAsia
SINGAPORE : Manpower Minister Gan Kim Yong has urged companies to adopt a fair and equitable stance in dealing with workers' wages when they turn 60.
Mr Gan said employers should not simply reduce salaries by the maximum 10 per cent permitted by the law.
The practice of a pay cut of up to 10 per cent for older workers started some 10 years ago.
Then, it was meant to alleviate the costs associated with a seniority-based wage system, and help ease the burden on companies as the retirement age was raised progressively from 60 to the prevailing 62.
Recently, the labour movement said it wants to end this practice.
Speaking to reporters at a community event on Saturday, Mr Gan called on companies to consider installing a more flexible-based wage system.
He said: "They really should take into account whether the seniority wage system still exists in the company. They should also take into account reasonable factors such as the type of jobs that they are doing, the productivity of the workers and the performance of the workers."
The Manpower Minister also responded to feedback given by older workers who have raised concerns about the cut in employers' Central Provident Fund (CPF) contribution rate.
Upon turning 50, this is reduced from 14.5 per cent to 10.5 per cent. Those aged 60 receive 5 per cent, or a two-third reduction from the top rate.
Mr Gan explained this is necessary to enhance the employability of older workers.
He said: "If we were to raise the CPF now or restore the CPF for the older workers, it may adversely affect the employability of the older workers and affect the competitiveness of the company and eventually, it will not be to the advantage of our older workers."
The Manpower Ministry said the employment rate of older workers aged 55 to 64 has improved, up from 45 per cent in 2003 to 57 per cent at end-2008.
- CNA/ms
- wong chee tat :)
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