Singapore Raises Salary Threshold for Hiring Foreign Talent

Singapore raising salary criteria for hiring foreign executives and professionals starting in 2023 - from S$5,000 to S$5,600 per month (S$6,200 for financial sector)
Aims to attract high-quality foreign talent and maintain equal opportunities for locals
Singapore popular location for foreign companies' regional headquarters
Foreign workforce is nearly 1.5 million out of 5.9 million total population
Salary floor for hiring foreigners raised 3 times since 2020, with previous hike from S$4,500 to S$5,000 in September 2022