The Singapore Ministry of Manpower (MOM) and Human Resource experts have confirmed that more foreigners working in Singapore are applying for the Personalised Employment Pass (PEP).
The upward trend for PEPs is observed from 2009's economic downturn when the number of jobs fell, creating an unstable job market. Many PEP holders say the pass gives them greater stability and flexibility when they change jobs or are seeking new employment.
Introduced in 2007, the PEP is designed to attract highly skilled non-Singaporeans to work here without being tied to a specific employer. However, the PEP differs from the traditional employment pass in that it is not renewable and is only valid for five years.
Mr James Nuben of Rikvin Corporate Services, says that the PEP is granted to foreigners who have worked in the country for some time after graduating from Singapore education institutes, or for foreign professionals who wish to seek employment in Singapore. He said that the rising number of contract work in Singapore has also led to increase of foreign professionals applying for PEP.
Rikvin Corporate Services specialises in Singapore company formation and staff relocation services, including work visa applications for foreigners.
"The PEP gives foreign individuals the time, security and flexibility to seek the type of job they want. The traditional employment pass states the pass holder must leave Singapore within 30 days of terminating his job. The PEP's 6-month unemployment period allows foreign professionals more time to find a new job while still remaining in Singapore," says Mr James Nuben, Managing Director of Rikvin.
While MOM declines to reveal the exact number of non-Singaporeans holding the PEP, the government body has said that there are approximately 115,000 PEP holders in Singapore as of December 2009.
MOM also said that a large number of PEP holders are working in major industries such as finance, insurance, science and technology, and most of them hail from the United States and countries across Europe and Asia.
"This scheme is an integral part of MOM's efforts to attract and retain global talent and to ensure a more flexible working experience,"
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