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On March 31, 2023, Singapore’s Ministry of Manpower has released details on the Complementarity Assessment Framework (COMPASS) bonus criteria, comprising the Skills Bonus and the Strategic Economic Priorities Bonus (Criterion 6). These bonus criteria allow Employment Pass (EP) applicants who possess skills in shortage, and firms that contribute to Singapore’s strategic economic priorities, to earn bonus points towards their total COMPASS score. These bonus points help companies secure the complementary foreign manpower necessary to seize economic opportunities in the immediate term, in recognition that there are limits to our local workforce.
Announced at MOM’s Committee of Supply 2022, COMPASS is a new points-based framework that considers both individual and firm-related attributes to holistically evaluate an EP applicant’s complementarity to Singapore’s workforce. COMPASS provides firms with clarity and predictability for manpower planning, and recognises efforts to develop a strong local pipeline and a diverse foreign workforce.
COMPASS will apply to new EP applications from 1 September 2023, and to renewal EP applications from 1 September 2024.
FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, Annual Return, Auditing, Tax Declaration, Trademark Registration, applying for Investment Promotion Policies, Corporate Advisory, Private Client Consultancy, establishing Family Offices and providing serviced office solutions for enterprise.
If you would like to learn more, please feel free to contact us, and we will be happy to assist you.
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