Retailer Banned from Applying for Work Passes for Employees Due to Non-Compliance with Progressive Wage Model
A local retailer has been temporarily banned by the Ministry of Manpower (MOM) from applying for work passes for its employees due to non-compliance with the Progressive Wage Model. MOM’s Facebook post highlighted that the wages of two sales assistants employed by the retailer did not meet the Progressive Wage Model standards.
Despite previous explanations of the requirements, the retailer failed to make the necessary adjustments. As a result, the retailer will be unable to apply for work passes until it complies with the Progressive Wage Model.
MOM will continue to inspect various industries to ensure adherence to the model’s regulations. Employees can visit go.gov.sg/pw-portal for more details and contact MOM for assistance if they find discrepancies between their wages and the minimum required by current policies.
Seven Foreign Property Agencies Warned for Selling Without Registration in Singapore
Since 2019, seven foreign real estate agencies have been warned for selling properties in Singapore without proper registration. The Council noted that these companies did not proceed with selling overseas properties locally.
Under the Estate Agents Act, both local and foreign real estate agencies and agents must hold a license from the Council to market, sell, or lease properties in Singapore. However, private residential developers do not need a license to sell overseas properties directly to local buyers. If developers use real estate agencies for sales, the agencies must be licensed by the Council.
The Real Estate Agency Association has observed a 30% increase in foreign developers bringing overseas agents and agencies to sell properties locally compared to pre-pandemic times, mainly from neighboring countries and regions, including Australia, Japan, and Dubai.
Licensed agencies emphasize the importance of adhering to guidelines when promoting foreign properties, including conducting thorough background checks on developers and purchasing professional liability insurance to protect buyers’ interests.
The public can verify if an agency holds a license through the following website: https://www.cea.gov.sg/aceas/public-register/ea/1.
Family office applications for tax incentives will require a background check report starting on 1 Oct 2024
Starting October 1, 2024, funds managed by family offices in Singapore must include a background check report from one of six designated screening service providers (Avvanz, BDO Advisory, DC Frontiers, Ernst & Young Advisory, KPMG Services, and PwC) when applying for tax incentives.
The Monetary Authority of Singapore announced this on 5 August 2024, stating that the measure aims to provide a conducive operating environment for fund managers in Singapore. Funds eligible for tax exemptions under Sections 13O and 13U of the Income Tax Act, including family offices, must meet specific conditions.
Funds applying for 13O or 13U tax incentives need to fulfill criteria related to asset management, investment professionals, expenditures, capital allocation, and maintaining private banking accounts, and must include a background check report from the specified six companies.
The Monetary Authority mentioned that the screening process usually takes about two weeks. Applicants can directly contact these screening service providers for details or consult family office advisors to incorporate the screening process into their tax incentive applications.
Singapore residents will be able to enter and exit Changi Airport without a passport starting on 30 Sep 2024
Starting 5 August 2024, the Immigration and Checkpoints Authority (ICA) will trial passport-free entry at Changi Airport Terminal 3 (T3), allowing residents to clear immigration by scanning their face and iris. By the end of September 2024, this policy will be extended to all terminals at Changi Airport, and all departing travelers will also be able to clear immigration without a passport.
The ICA advises travelers to still carry their passports, as they may need to present them when entering or leaving foreign countries or if ICA officers request them for identity verification. Currently, travelers can use automated lanes without prior registration or visiting a manual counter.
This passport-free measure applies to Singapore citizens, permanent residents, long-term pass holders, and departing foreign travelers at sea and air checkpoints. Since airlines and shipping companies submit passenger information in advance, the ICA can use this data for facial and iris recognition, eliminating the need to scan passports. Full implementation is expected to reduce checkpoint processing times by 40%.
