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Redundancy - EP -> PEP activation, pros and cons, advice needed

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lacersout
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Redundancy - EP -> PEP activation, pros and cons, advice needed

Post by lacersout » Thu, 01 Oct 2020 2:23 pm

Hi,

I'm an EP holder and have been living in Singapore for the last 5 years. I've recently been made redundant with my last day a few weeks away. I saw this coming a while back so was successful in getting my PEP (and DPs) approved recently to provide some options to us as a family whilst we decide what is next. I'm actively job hunting and our goal is to stay in Singapore.

As a PEP allows me to search for work for up to 6 months, I'm trying to maximise the time before that clock starts ticking by pushing out the PEP activation as far as possible. I understand I will be put onto a 30 day STVP once my EP is cancelled and from speaking to MOM, they said I can activate my PEP any time, including on the final day of STVP. My HR Director has also told me that should I want an extension to my STVP, she can request that once it's within 2 weeks of the original end date. This could in theory give me 2 months additional time before I need to activate my PEP.

I wanted to check if anyone had any advice on this approach (apart from the obvious burning of money with no income coming in)? One issue I'm concerned about is health insurance. All the policies I've looked at require that you are a resident in Singapore and hold a valid FIN (which I assume I won't at the point of my EP cancellation). I'm concerned that if I need to claim on the policy whilst we're on our STVP's, they would unlikely pay out. I could take out a travel insurance policy to cover us for the 2 months but I'm concerned if I put our Singapore address, that might cause other problems.

Sorry for the rambling, has anyone else been in a similar situation? Whilst I know the easiest solution is just to activate the PEP on the day my EP is cancelled, I'm trying to give myself as much time as possible to find a job.

Bob

bgd
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Re: Redundancy - EP -> PEP activation, pros and cons, advice needed

Post by bgd » Thu, 01 Oct 2020 11:39 pm

STVP extension is not guaranteed and the requirements for such are now more restrictive. I wouldn't rely on that. Take up the PEP a few days before your pass expires. MOM and the like are struggling with the volumes at the moment. Don't get caught out by a process failure.

TropicalExpat
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Re: Redundancy - EP -> PEP activation, pros and cons, advice needed

Post by TropicalExpat » Fri, 02 Oct 2020 8:48 am

On health insurance. I'm assuming your (old) company has some insurance coverage. Ask to contact them directly and see if you can get portability for the plan ... it certainly won't be cheap, but you might get some coverage for a bit.

Like bgd says, don't risk getting caught out by a flub... Just activate the PEP before your STVP expires.

PEP allows a 6 month job hunt. If you can't get it by then ... like you said, you'll be just expending cash here. Singapore isn't a cheap place if you have a family to support.
One thing to bear in mind, covid-19 not withstanding, is the huge preference being shown to Singaporeans at the moment.

Good luck!!!

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singaporeflyer
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Re: Redundancy - EP -> PEP activation, pros and cons, advice needed

Post by singaporeflyer » Fri, 02 Oct 2020 10:36 am

lacersout wrote:
Thu, 01 Oct 2020 2:23 pm
Hi,

I'm an EP holder and have been living in Singapore for the last 5 years. I've recently been made redundant with my last day a few weeks away. I saw this coming a while back so was successful in getting my PEP (and DPs) approved recently to provide some options to us as a family whilst we decide what is next. I'm actively job hunting and our goal is to stay in Singapore.

As a PEP allows me to search for work for up to 6 months, I'm trying to maximise the time before that clock starts ticking by pushing out the PEP activation as far as possible. I understand I will be put onto a 30 day STVP once my EP is cancelled and from speaking to MOM, they said I can activate my PEP any time, including on the final day of STVP. My HR Director has also told me that should I want an extension to my STVP, she can request that once it's within 2 weeks of the original end date. This could in theory give me 2 months additional time before I need to activate my PEP.

I wanted to check if anyone had any advice on this approach (apart from the obvious burning of money with no income coming in)? One issue I'm concerned about is health insurance. All the policies I've looked at require that you are a resident in Singapore and hold a valid FIN (which I assume I won't at the point of my EP cancellation). I'm concerned that if I need to claim on the policy whilst we're on our STVP's, they would unlikely pay out. I could take out a travel insurance policy to cover us for the 2 months but I'm concerned if I put our Singapore address, that might cause other problems.

Sorry for the rambling, has anyone else been in a similar situation? Whilst I know the easiest solution is just to activate the PEP on the day my EP is cancelled, I'm trying to give myself as much time as possible to find a job.

Bob
First- Why are you too worried about health insurance for the 2-3 months gap? Do you have any health issues or foresee any coming ?

fyi, if you had taken any policies when you were a resident on SG using your FIN, even if your EP is cancelled and you are in Singapore on STVP, your insurance policy is still valid. This is my understanding. Anyway check this with others.

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kim.crest
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Re: Redundancy - EP -> PEP activation, pros and cons, advice needed

Post by kim.crest » Tue, 06 Oct 2020 2:15 pm

I don't think travel insurance is a choice now because Singapore travel insurance, do not usually cover unless you are flying overseas from Singapore. Second thing is if you are looking at health insurance what is your main concern with regards to it?

lacersout
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Re: Redundancy - EP -> PEP activation, pros and cons, advice needed

Post by lacersout » Sat, 17 Oct 2020 1:48 pm

The issue is that for 30 days we will be on STVP’s until I activate my PEP. I’m purposely delaying the activation of that to give me more time to find a job. All insurance providers require that you have an active FIN or NRIC to be covered. I’ve taken out a policy but I’m pretty certain the moment my EP gets canceled (in 1 week) the policy will be automatically cancelled.

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Re: Redundancy - EP -> PEP activation, pros and cons, advice needed

Post by bgd » Sat, 17 Oct 2020 4:13 pm

A question for your insurance company I guess. As a matter of interest, your STVP does have your FIN on it, so perhaps the FIN is still active?

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