Singapore’s banking and financial services sector carries the highest Employment Pass and S Pass salary thresholds of any industry in the country. A new EP hire in financial services must meet a minimum of SGD 6,200 per month — rising to SGD 6,600 from 1 January 2027 — compared with SGD 5,600 (SGD 6,000 from 2027) in most other sectors. These sector-specific premiums reflect the government’s deliberate policy of ensuring that foreign hiring in finance displaces neither Singapore professionals nor the local talent pipeline.
For financial institutions — banks, private equity houses, asset managers, insurance firms, and family offices — building a compliant and efficient work pass strategy in 2026 requires understanding not just the salary floors, but COMPASS scoring, ONE Pass eligibility, the Fair Consideration Framework, and the 2027 threshold increases that may already be affecting your renewal pipeline.
Employment Pass Thresholds for Financial Services in 2026 and 2027
Per the Ministry of Manpower’s EP eligibility guidelines, the qualifying salary framework for financial services is as follows:
| Period | Financial Services EP Minimum | All Other Sectors EP Minimum |
|---|---|---|
| Current (as at May 2026) | SGD 6,200/month | SGD 5,600/month |
| From 1 January 2027 | SGD 6,600/month | SGD 6,000/month |
These are the minimum thresholds for candidates with limited experience. COMPASS requires that the candidate’s salary also be benchmarked against the local salary distribution for that occupation. For experienced professionals in their 30s and 40s — risk managers, compliance officers, quantitative analysts, private bankers — the practical qualifying salary is considerably higher, often SGD 9,000–15,000 per month for COMPASS to award the maximum points on the salary criterion.
The financial services sector designation applies to companies in the Singapore Standard Industrial Classification (SSIC) codes for financial services, including banks, finance companies, insurance, fund management, capital markets intermediaries, and financial holding companies. If you are unsure whether your entity falls within the financial services premium, check with MOM’s EP eService or your HR compliance adviser.
S Pass Thresholds in Financial Services
The S Pass qualifying salary for the financial services sector is higher than the general rate:
| Period | Financial Services S Pass Minimum | General S Pass Minimum |
|---|---|---|
| Current (as at May 2026) | SGD 3,800/month | SGD 3,300/month |
| From 1 July 2026 | SGD 4,000/month | SGD 3,600/month |
The S Pass is subject to an S Pass Sub-Dependency Ratio Ceiling (S-DRC) — a cap on the proportion of the workforce that can hold S Passes. In financial services, the S-DRC is 10% of the total workforce (same as the services sector generally). Financial institutions with significant operations should model their current S Pass headcount against the July 2026 threshold increase now to identify holders whose salaries fall below the new floor. See the Singapore Employment Pass Guide 2026 for the full comparison of EP versus S Pass criteria.
COMPASS and the Financial Services Sector
Most new EP applications — and renewal applications after September 2023 — are assessed under the Complementarity Assessment Framework (COMPASS). COMPASS scores an application across up to five criteria, with the candidate needing 40 points to pass:
Salary Criterion (C1)
The candidate’s fixed monthly salary is benchmarked against the local salary distribution for the same SSOC (occupation code). In financial services, the median salaries for many roles — particularly senior roles in private banking, risk, compliance, and fund management — are high. A candidate earning SGD 9,000 as an associate-level role in an investment bank may score 0 points on the salary criterion if the local median for that SSOC is also at that level. Financial institutions should map every planned EP hire to SSOC codes and run COMPASS salary estimates before submitting applications.
Qualifications Criterion (C2)
A degree from a top-tier university scores 10 points; a degree from a recognised institution scores 10 points; a degree from a non-recognised institution scores 0 points. In financial services, where most EP holders are degree-qualified, this criterion typically yields 10 points across the board.
Diversity Criterion (C3)
A candidate of a nationality that is underrepresented in the employer’s workforce scores 10 points; a nationality that is overrepresented scores 0. Financial institutions in Singapore often have concentrated workforces — teams that are predominantly from one or two nationalities, most commonly from South and South-East Asia. Monitoring nationality diversity at the team or division level, not just the company level, and actively diversifying the nationality mix is both a COMPASS requirement and a commercial advantage in a city-state as internationally connected as Singapore.
Local Employment Support (C4)
This criterion awards points where the employer’s local (Singaporean and PR) PMET workforce share exceeds the industry median. Financial institutions with strong local hiring programmes score here; institutions where foreign headcount has grown faster than local PMET headcount may score 0 or negative here. The detailed calculation is sector-specific.
Shortage Occupation Bonus (C5)
Where the role falls on MOM’s Shortage Occupation List — which includes several data, AI, and quantitative roles — a 10-point bonus is available. Financial services firms hiring quantitative analysts, AI specialists, or cybersecurity professionals should check the current Shortage Occupation List when planning applications.
Our detailed article on the COMPASS Framework: Earning Your 40 Points for a Singapore EP provides the full scoring matrix and worked examples.
ONE Pass for Senior Finance Professionals
The Overseas Networks & Expertise (ONE) Pass is available to candidates earning a fixed monthly salary of at least SGD 30,000 — well above the EP threshold. In financial services, this typically covers:
- Managing Directors and Senior Vice Presidents in global investment banks
- Senior private bankers and relationship managers in the family wealth management segment
- Fund managers with significant AUM responsibility
- C-suite executives in financial holding companies and insurance groups
The ONE Pass carries significant advantages over a standard EP: it is held by the individual (not tied to the employer), valid for five years, allows concurrent employment at multiple entities, and is exempt from COMPASS. For senior finance talent who may move between a bank and a family office or investment firm, the ONE Pass is the structurally superior pass option. However, the SGD 30,000 fixed monthly salary threshold is a genuine gate — equity compensation, carried interest, and performance bonuses do not count unless they are contractually fixed.
See our guide to ONE Pass Singapore: Who Actually Qualifies in 2026 for the full eligibility analysis.
Fair Consideration Framework Obligations for Financial Institutions
Financial institutions applying for EPs for roles paying below SGD 20,000 per month must first advertise the position on MyCareersFuture for at least 14 calendar days. The advertisement must specify genuine job requirements and must not screen out Singaporeans on nationality or other FCF-prohibited grounds.
MOM scrutinises financial institutions closely. The sector has historically been the subject of FCF audits, and several banks and financial services firms have been required to remediate hiring practices following MOM investigations. A rigorous FCF process is not just a compliance obligation — it is a reputational safeguard. Maintain clear documentation of the candidate selection process, including shortlisting criteria, interview scores, and the rationale for selecting the successful candidate over Singaporean applicants.
The True Cost of an EP Hire in Financial Services
Beyond the salary floor, the employer cost of an EP hire in financial services includes:
- MOM application fee: SGD 35 per application, SGD 225 on issuance.
- Group health insurance: Typical employer-provided health coverage for EP holders in financial services runs SGD 2,000–5,000 per year.
- Relocation allowance: For senior international hires, relocation packages typically include SGD 3,000–15,000 for economy moves, rising to SGD 20,000–50,000 for family relocations including school placement and shipping. See our detailed breakdown in the true cost of hiring a foreigner in Singapore 2026.
- Housing allowance: Senior EP holders in financial services commonly receive SGD 2,000–8,000 per month in housing allowance, particularly in the first year.
- IR21 tax clearance on departure: SGD 300–800 per departing employee in payroll and professional fee costs.
Planning for the January 2027 Threshold Increases
Financial institutions should already be modelling the impact of the January 2027 EP and S Pass salary increases on their existing headcount. Specifically:
- EP holders currently earning between SGD 6,200 and SGD 6,600 per month will need a salary increase by January 2027 to remain eligible for EP renewal at the financial services threshold.
- S Pass holders currently earning between SGD 3,800 and SGD 4,000 per month — the July 2026 financial services S Pass floor — will need salary increases by 1 July 2026. This is less than five weeks away.
- COMPASS salary criteria will also shift with the 2027 changes, as the benchmarking dataset updates to reflect higher market medians.
The Singapore HR Manager’s MOM Compliance Calendar 2026 provides a structured framework for tracking pass renewal deadlines and regulatory change milestones through the year.
Conclusion
Financial institutions hiring in Singapore face a more complex work pass environment than most other sectors — higher thresholds, detailed COMPASS requirements, intense FCF scrutiny, and a compressed timeline before the January 2027 salary floor increases. Institutions that plan their EP and S Pass strategy proactively — mapping roles to SSOC codes, modelling COMPASS scores, tracking diversity metrics at team level, and budgeting for 2027 salary adjustments — will navigate renewals and new hires with substantially less friction than those that manage each pass application reactively.
If your financial institution needs expert support on EP strategy, COMPASS planning, or pass application management, Singapore Employment Agency provides HR compliance and pass advisory services through our MOM-licensed team (Licence No. 19C9790). For companies establishing a Singapore financial services entity, Raffles Corporate Services provides incorporation, licensing advisory, and ongoing corporate secretarial services.
— The Editorial Team, Little Big Employment Agency