MoM, LTVP, LoC and Banking jobs

[thealchemist]

Hi everyone,

This is my first time posting here but I've been quite a lurker for a few months now. I just recently moved to Singapore (I'm married to a SC) and I just got my LTVP card last week. I understand that I am now eligible for Letter of Consent once I get a job offer. (I have 7 years of experience in front and middle office in banks in the Philippines. I resigned early this year.)

Earlier today I talked to a recruiter from an employment agency. I got confused when she told me that LOC will not be applicable for job hunting in the finance industry because (MoM/Banks) prefer to issue EP over LOC because EP is tied with the bank (which I dont understand, Isn't LOC tied with the bank as well?)

Anyone have any idea if this is true? I think I can be eligible for EP but from what I've heard and experienced for the last few months, finance labor market is bad lately so I was hoping LOC would give me a better chance of finding a job.

Anyone care to clarify if there are limitations for LoC? Thank you in advance.

[sundaymorningstaple]

I think the recruiter is full of Sh*t, personally. The recruiter is/was probably referring to the old LoC which was only available to dependents of EP holders and was tied to the EP holders EP expiry date, which meant that if the EP holder lost their job the LoC holder also lost their job. However, now that the LoC has been made available to the spouses of SCs it's automatically renewable yearly as long as you remain married, so the danger of a position being vacated because of the EP holder (anchor/sponsor) losing their job doesn't exist.

The only real limit of the LoC is the fact that the company may try to underpaid you due to them knowing that you don't need to qualify for the EP in order to take the position (which means you also might be offered less that optimum for the positions as well). At EP level, it's six of one and half a dozen of the other. As there is no CPF contributions for either nor are there Foreign Worker Levies, it shouldn't make too much difference to the employer.

[thealchemist]

Thank you SMS!

[BBCWatcher]

The underlying LTVP is tied to the citizen's/PR's continued residence in Singapore, I suppose. But "so what?" -- and I agree with SMS. Find another recruiter if you don't like what you're hearing. Also, a LTVP may be upgraded to a LTVP+ at your next renewal. LTVP+ includes some minor benefits (discounts on medical fees at public hospitals and clinics in Singapore) not provided to EP holders.