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The Employment Pass financial services salary starts at S$6,600 for new 2027 applications and rises with age, alongside separate COMPASS tests.
The Employment Pass financial services salary starts at S$6,600 for candidates aged 23 or below in new applications from 1 January 2027. It rises progressively with age to S$12,700 at age 45 and above. Renewals move to the higher Stage 1 salary when the pass expires from 1 January 2028.
This salary test is only the first stage. Unless exempt, the candidate must also pass COMPASS. Employers should therefore check sector classification, age, fixed monthly salary, application type and the separate C1 benchmark before agreeing compensation.
Confirm that the financial services table applies
The employer’s sector determines the salary table, not the candidate’s job title alone. A finance director at a manufacturer does not automatically use the financial services table. A technology specialist at a bank may fall within it because of the employer’s sector.
For this reason, check the organisation’s sector classification through MOM’s current resources and the Self-Assessment Tool. If the classification is wrong, follow the prescribed correction process before relying on a lower threshold.
Record the legal employer, UEN, sector, business activity and classification date in the pass file. A regional group should not assume that every Singapore entity has the same classification.
Apply the correct age-based minimum
The current MOM Employment Pass eligibility page provides the full financial services table. From 1 January 2027, the minimum is S$6,600 at age 23 or below, S$8,541 at age 30, S$9,927 at age 35, S$11,314 at age 40 and S$12,700 at age 45 or above.
In practice, use the exact age row shown by MOM. Do not calculate an approximate annual increment from the headline figures. Check the candidate’s age at the point relevant to the application and rerun the live tool before submission.
For a salary near the minimum, model the next application and renewal. A candidate can move to a higher age row, and MOM can revise salary thresholds. The employment contract should remain commercially sustainable beyond one filing date.
Use the right transition date
New applications submitted from 1 January 2027 use the higher salary table. Renewals use it for passes expiring from 1 January 2028. These dates are not interchangeable.
At the same time, a change of employer normally requires a new application. Do not treat it as a renewal because the candidate already holds an EP. Record the intended submission date, current pass expiry and whether the transaction is a new application or renewal.
Build a workforce register at least six months ahead. Include every financial services EP holder, current salary, age, pass expiry, earliest renewal window, applicable minimum and estimated COMPASS position.
Separate Stage 1 from COMPASS C1
Stage 1 asks whether fixed monthly salary meets the age and sector qualifying minimum. A candidate who fails Stage 1 is not eligible, regardless of COMPASS points.
As a result, the COMPASS C1 page compares salary with local professional, manager, executive and technician wages for the candidate’s sector and age. The August 2026 benchmarks apply to new applications from 1 January 2027 and renewals expiring from 1 July 2027.
That 1 July 2027 C1 renewal date is earlier than the 1 January 2028 Stage 1 transition for renewals. Put both benchmark sets in the case sheet so the employer does not apply one date to both tests.
Identify fixed monthly salary correctly
Separate basic salary and qualifying fixed monthly allowances from discretionary bonuses, variable incentive pay, benefits, equity and investment returns. Only amounts that meet MOM’s current fixed-monthly-salary definition should be used.
For example, Make the employment contract, application, payroll and bank payment agree. If an allowance is included, document that it is fixed and paid regularly under the employment terms. Do not convert an expected annual bonus into a monthly figure.
Investment managers may receive carried interest, performance fees or deferred awards. These amounts can be commercially important, but they should not be counted as fixed monthly salary unless they meet MOM’s published definition and are accepted in the relevant assessment.
Run the full COMPASS assessment
Most candidates need at least 40 COMPASS points after passing Stage 1. Salary is only one criterion. Qualifications, nationality diversity, local professional diversity and any applicable bonus can affect the outcome.
In addition, use MOM’s enhanced Self-Assessment Tool near the proposed submission date. Keep the inputs and result, then rerun after a material change in salary, age, qualifications, workforce composition or sector classification.
A candidate earning at least S$22,500 in fixed monthly salary is exempt from COMPASS under current rules, but the employer should document the exemption and meet the other EP requirements. Do not confuse an exemption from COMPASS with automatic pass approval.
Use a case sheet for salary decisions
| Field | Decision | Evidence |
|---|---|---|
| Sector | Financial services or another table | Employer classification |
| Age | Exact MOM salary row | Passport and application date |
| Stage 1 | Applicable minimum and transition | Live eligibility table |
| C1 | Benchmark set and points | Current C1 table |
| Fixed salary | Included contractual components | Contract and payroll |
| COMPASS | Total points or exemption | Self-Assessment Tool record |
Plan compensation without creating another problem
The MOM foreign workforce factsheet records the 2027 increase. The employer should still set pay by role, experience, internal equity and affordability, not only the immigration threshold.
For this reason, review whether a salary adjustment affects bonus targets, benefits, payroll tax, cost allocation and team parity. Obtain the required corporate approval and implement the change before relying on it in a pass filing.
For a candidate below the threshold, do not inflate a number in the application. Consider whether the role, timing, candidate or pass route should change, and use a licensed employment agent where regulated execution support is needed.
Recheck immediately before filing
MOM benchmarks can change and the employer’s workforce data can move. Rerun the live eligibility and COMPASS tools after the Fair Consideration Framework advertising period and before submission.
In practice, keep the final job description, advertisement, salary approval, contract, qualifications and Self-Assessment Tool result in one file. If the salary changes after approval, update the relevant employment and pass records through the proper route.
The Singapore relocation guide is the pillar cornerstone. The general 2027 EP salary guide covers both sectors, while the COMPASS C5 guide covers the shortage occupation bonus. The Singapore Immigration and Relocation hub connects related guidance.
A reliable financial services application shows four distinct answers: the employer’s sector, the age-based Stage 1 minimum, the C1 benchmark and the full COMPASS result.