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Moving to new EP - Will I have issues?

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FaeLLe
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Moving to new EP - Will I have issues?

Postby FaeLLe » Sat, 23 Jul 2011 1:37 pm

Hello all,

I am being offered another big career move with a global top 3 consulting company in their Singapore office.
Currently working in Singapore for over a year half, just paid my first taxes and here on an EP P2.

The new company will offer me more than twice my current pay. which will essentially take me to an EP P1.

Background - MBA from Singapore, Masters and undergraduate from decent universities in UK, 3 years of total work experience. Married (almost 2 years) no kids. Age way under 30...

From my understanding will have to cancel my current EP with my employer, go on a 30 day SVP and then apply for EP with the new employer right.

Do you think I will have any issues with getting my new EP approved??
Dont want to take any risks since I have just taken a mortgage and bought a condo last year.....

Please advice me friends :)

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Asdracles
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Postby Asdracles » Sat, 23 Jul 2011 2:42 pm

Smart move order:

1- Ask your new company to apply for EP. Tell them that when you get the In Principle approval letter you still will need some time (probably 2 weeks) to join

2- Only when the IPA letter is confirmed, then submit your resignation in the current company

3- Complete the formalities for the new company EP (medical check, ...) but the new pass can only be issued after cancelling the previous one (your last day of service in the 1st company).

So in this way, you don't risk anything (if your new pass is rejected, you are still working with company 1), don't lose any single day of work, ...

I'm handling 2 companies EPs, and lot of times we try to transfers employees from one to another one, but always with this system.
Last edited by Asdracles on Sat, 23 Jul 2011 2:52 pm, edited 1 time in total.

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Postby sundaymorningstaple » Sat, 23 Jul 2011 2:45 pm

No, you don't have to cancel you P2 first.

Just tell you prospective employer to file for the IPA and once that is given, give notice to your current employer.

Once you have worked out your notice period (if your notice period is longer than 1 months, then you will have to give notice first, before the IPA is approved but if it's not approved then you will have to withdraw your notice and hope the current employer doesn't hold you to it).

Anyway, once the IPA is approved, give your notice, work it out, Pay the tax assessment (IR-21 has to be filed by the current employer one month before your last day of work). The employer is required, by law, to withhold all salaries from the moment you give your notice, so if you have to give one month's notice, you better make sure you give your notice the moment you receive your next to last paycheck or else you will not have a paycheck until the tax clearance is done. (it only take 7-10 days if filed electronically - but must be done one month before your last day.)

As far as issues. Anybody changing jobs at this point in time is taking a gamble. You stats look okay, but it's anybody's guess at the moment. I'd say you will be okay though.

So you are one of the ones they were talking about during the last GE then? The ones driving up the property prices? :P

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Postby sundaymorningstaple » Sat, 23 Jul 2011 2:48 pm

We do the same thing. Only I do it with 5 companies and 200+ staff. (50% FT's)

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Re: Moving to new EP - Will I have issues?

Postby revhappy » Sat, 23 Jul 2011 2:56 pm

FaeLLe wrote:Hello all,

I am being offered another big career move with a global top 3 consulting company in their Singapore office.
Currently working in Singapore for over a year half, just paid my first taxes and here on an EP P2.

The new company will offer me more than twice my current pay. which will essentially take me to an EP P1.

Background - MBA from Singapore, Masters and undergraduate from decent universities in UK, 3 years of total work experience. Married (almost 2 years) no kids. Age way under 30...

From my understanding will have to cancel my current EP with my employer, go on a 30 day SVP and then apply for EP with the new employer right.

Do you think I will have any issues with getting my new EP approved??
Dont want to take any risks since I have just taken a mortgage and bought a condo last year.....

Please advice me friends :)


Congrats on the new offer. More than twice your current pay, thats quite a big jump expecially Singapore standards. You shouldn't have any issues if all your documents are in order. But do as per the protocol. First get the new company's IPA and then cancel your current company's EP>

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Postby FaeLLe » Sat, 23 Jul 2011 4:15 pm

Thanks guys was not aware that I can hold an IPA with an existing EP.
Guess I can finally afford to apply for PR after another year or two. The CPF factor taking down my current pay was really a detriment....

Will tell you guys how it goes I have another two months to accept my offer.

Since my current notice period is two weeks think I should be ok...

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Postby FaeLLe » Sat, 23 Jul 2011 4:16 pm

sundaymorningstaple wrote:So you are one of the ones they were talking about during the last GE then? The ones driving up the property prices? :P


Yes sir... paying out of my nose for rentals when I could pay a few hundred over my rental for the mortgage drove me to get a house for my stay.

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Postby BillyB » Sat, 23 Jul 2011 4:48 pm

FaeLLe wrote:Thanks guys was not aware that I can hold an IPA with an existing EP.
Guess I can finally afford to apply for PR after another year or two. The CPF factor taking down my current pay was really a detriment....

Will tell you guys how it goes I have another two months to accept my offer.

Since my current notice period is two weeks think I should be ok...


How come you are contributing to CPF on an EP?

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sundaymorningstaple
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Postby sundaymorningstaple » Sat, 23 Jul 2011 5:26 pm

BillyB wrote:
FaeLLe wrote:Thanks guys was not aware that I can hold an IPA with an existing EP.
Guess I can finally afford to apply for PR after another year or two. The CPF factor taking down my current pay was really a detriment....

Will tell you guys how it goes I have another two months to accept my offer.

Since my current notice period is two weeks think I should be ok...


How come you are contributing to CPF on an EP?


Billy! you doin' nooners? Okay, sun's over the yardarm anyway! Go back a reread his post. He's just sayin' if he applied for PR with his current salary the 20% hit would be hard to stomach. But with double that and well over the 4.5K CPF Cap the hit is diminished (not monetarily but by percentage) if he gets his PR. :wink:

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Postby BillyB » Sat, 23 Jul 2011 5:32 pm

sundaymorningstaple wrote:
BillyB wrote:
FaeLLe wrote:Thanks guys was not aware that I can hold an IPA with an existing EP.
Guess I can finally afford to apply for PR after another year or two. The CPF factor taking down my current pay was really a detriment....

Will tell you guys how it goes I have another two months to accept my offer.

Since my current notice period is two weeks think I should be ok...


How come you are contributing to CPF on an EP?


Billy! you doin' nooners? Okay, sun's over the yardarm anyway! Go back a reread his post. He's just sayin' if he applied for PR with his current salary the 20% hit would be hard to stomach. But with double that and well over the 4.5K CPF Cap the hit is diminished (not monetarily but by percentage) if he gets his PR. :wink:


Nah, I've not took any banned substances for years!! :wink:

I thought that was what he meant - just wasn't completely clear. Been a long week....

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Postby sundaymorningstaple » Sat, 23 Jul 2011 6:06 pm

I coulda used a break in Sydney me self but no such luck!

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Postby BillyB » Sat, 23 Jul 2011 6:11 pm

sundaymorningstaple wrote:I coulda used a break in Sydney me self but no such luck!


Too much rain, too cold, too much work.......are you sure??!!

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Postby sundaymorningstaple » Sat, 23 Jul 2011 6:54 pm

After being stuck in the local traffic BS 3 days running! :-|


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