SMS - thank you for pointing that out - my bad! I got the CPF scheme confused with the supplementary retirement scheme
http://app.mof.gov.sg/supplementary_ret ... cheme.aspx which foreigners CAN contribute to
but you cannot use this money to purchase property
Sanky: It is unlikely that if the EP is declined that you will get a PEP, so I would suggest applying for the PEP 1st (you can apply for an EP if the PEP is declined).
The PEP removes the onus of responsibility from the employer to the employee. Therefore she can move jobs without requiring a new work permit and she has 6 months to stay in Singapore without being employed. There is a minimum annual salary requirement (once you have received it), but that is only $2,500 per month. It is only ever issued ONCE (per the rules at the moment), the thinking being that after 5 years the employee either takes up PR, goes home or goes back to a normal EP.
Regarding your employability - it really depends on how you "sell" the fact that you are a DP to your potential employer. SMS will know more about it, but they don't need to apply for a work permit, just a letter of consent
http://www.mom.gov.sg/foreign-manpower/ ... fault.aspx. Many employers don't know about this.
edited to add additional notes about the SRS