2024 Highlights & 2025 trends including work passes in Singapore
Key highlights of 2024 and emerging trends for 2025
As the year draws to a close, we take the opportunity to reflect on the year’s successes and anticipate what lies ahead in the coming year. Will the cost of living in Singapore be a major factor for 2025?
2024 was a significant year for work passes in Singapore, marked by notable progress and smoother processes for businesses, especially those hiring foreign professionals. The COMPASS application system is easier to navigate with most companies that hire foreign workers are now well-acquainted with its requirements.
Here’s a closer look at some of the year’s highlights and the impacts on CSLB Asia’s clients.
A recap at 2024
Expanding Our Client Support
This year, CSLB Asia ran an informative series of webinars focused on work passes in Singapore, compliance and corporate regulations in Singapore. Client feedback has been overwhelmingly positive, as these sessions provided practical guidance and clarity on evolving requirements. Due to popular demand, we’re excited to continue and expand this series in 2025. If you would like to hear more about this series you can join our mailing list.
Increased Comfort with the COMPASS Framework
One of the year’s positive developments was the increased comfort surrounding Singapore’s COMPASS framework among businesses. The initial shock of a whole new system has waned as more companies have become familiar with the framework, which aims to streamline compliance, especially for companies hiring foreign professionals. You can read more about the COMPASS application system here.
LOCs for ONEPASS Holders
A major improvement in 2024 was the increased clarity and guidelines around the Letter of Consent (LOC) guidelines for ONEPASS holders and dependent’s pass holders. Businesses navigating LOC requirements for these passes can now do so with a clearer understanding, reducing the complexity and potential for misunderstandings. This greater clarity has made it easier to align employment practices with regulatory expectations for dependent’s pass holders.
Employment Pass and LOC Approvals
Employment Pass (EP) holders and LOC approval rates saw a notable rise this year, with only a few being delayed. Interestingly the main queries were related to employment contracts, when the employment contract was missing from application it slowed the process. Going forward we will ensure a more comprehensive employment contract is included in every application to speed up the application process.
We support our clients to obtain work passes in Singapore for their foreign employees and have a wealth of experience across all industries for all the pass types. Book a free 15 min introduction call if you’d like to explore this support option.
Looking Ahead to 2025
As we approach 2025, there are a few patterns that CSLB Asia anticipates. With the cost of living in Singapore and around the world rising and with economic uncertainties expected in 2025, it is challenging to gauge the coming trends with accuracy.
Stabilisation in Workforce Dynamics
This year saw a shift towards stabilisation of workforce dynamics. While we usually see a large turnover, particularly with expats leaving in June and July, 2024 witnessed fewer professionals leaving Singapore. We expect this trend to continue into 2025 as the global economic situation influences employment decisions. Although the cost of living in Singapore is on the rise, salaries are starting to adjust to reflect these changes, encouraging professionals to stay longer for economic stability.
Economic Factors Influencing Retention
With the increased job opportunities and relative ease of obtaining work passes in Singapore, professionals are making the economic decisions to stay in Singapore longer. Additionally, challenges in other countries’ job markets are prompting top earners to reconsider their plans to leave Singapore. The job markets are not as buoyant in Europe or North America right now for example. This has resulted in more choice for employers as there are more qualified and desirable candidates interested in relocating to the Garden State. This trend is likely to continue through 2025 benefiting companies that seek consistent talent for longer-term roles.
Preparing for a Steady 2025
Looking back at 2024, we can see the groundwork laid for a more stable and predictable work pass environment in 2025. From increased clarity in dependent’s pass holders LOC requirements to a greater understanding of frameworks like the COMPASS system, businesses are now better positioned to navigate the landscape for work passes in Singapore confidently. Even with the cost of living in Singapore rising, Singapore is still a very desirable place to live and work.
CSLB Asia will continue supporting clients with the latest insights and practical guidance to help make informed decisions in a complex market. Be sure to watch out for our 2025 webinar series and reach out for any questions on how to optimise your approach to Singapore’s evolving work pass requirements. To stay up to date with the latest updates, join our mailing list.