1. Base Salary - Fixed Salaryfloyd7861 wrote: ↑Fri, 11 Mar 2022 6:15 pmReceived approval on March 10.
How is the 144K salary requirement fulfilled? Does it include any bonus or stock grants etc. or does it need to be base salary?
Also, does the 144K salary need to be made AFTER receiving PEP or in the calendar year regardless of when you get your PEP approval?
*For example you have had the PEP for a full year but you found yourself out of work for 4 months from 1 April till the end of of July of that year. for you to obtain the 144K/pa under the terms of the agreement you would have to earn 18K/mo for the other 8 months of the year or else lose your PEP.Eligibility and requirements for Personalised Employment Pass
Eligible high-earning foreign professionals can apply for a Personalised Employment Pass. Pass holders have greater job flexibility than with other work passes. However, they need to meet certain requirements to hold the pass.
Who is eligible
You can apply for a Personalised Employment Pass (PEP) if you are:
An overseas foreign professional and your last drawn fixed monthly salary overseas was at least $18,000. Your last drawn salary should have been within 6 months before you apply.
An Employment Pass holder earning a fixed monthly salary of at least $12,000.
Who is not eligible
You are not eligible for the PEP if you are:
An Employment Pass holder under the sponsorship scheme.
A freelancer or foreigner who intends to work on a freelance-basis.
A sole proprietor, partner or where a director is also a shareholder in an ACRA-registered company.
A journalist, editor, sub-editor or producer.
Note: You are not allowed to start a business or conduct any form of entrepreneurial activity while on a PEP. If you intend to do so, you should apply for an EntrePass.
Requirements of the pass
To keep holding a PEP, you must:
Not be unemployed in Singapore for more than 6 months at any time. Otherwise, you will need to cancel the pass.
*Earn a fixed salary of at least $144,000 per calendar year, regardless of the number of months you are in employment.
Notify us of the following:
When you start or leave a job.
If you change your contact details, such as local contact person or address.
Your annual fixed salary. You need to declare your current year's salary to us by 31 January of the following year.
In theory you might be right, but do you want to gamble getting a one way ticket out of Singapore?floyd7861 wrote: ↑Sat, 12 Mar 2022 6:25 pmGot it - so I got my PEP on March 10th so in effect my yearly salary as of Dec 31 2022 should be 12K * ~8.5 months = $102,000 SGD correct regardless of what I made from in Jan and Feb 2022.
Now if I am able to hit 102K in say August 31st (March to August salary totals to 102K), then Sept to Dec there is no requirement to earn anything correct?
Plus I can be without a job from September to Feb (6 months max unemployment) and as long as I can start earning from March 2023 to Dec 2023 a total of 144K, my PEP is still valid?
The reason I applied for PEP is more to be able to quit my job and take a break - but it's quite complicated to make it work looks like
Your annual fixed salary. You need to declare your current year's salary to us by 31 January of the following year.
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