The changes will apply to all new PEP applicants, including existing P1 Pass holders who wish to apply for the PEP.
There is no immediate impact on existing PEP holders. MOM will give all existing PEP holders until 31 Dec 2014 to meet the revised minimum annual fixed salary requirement of $144,000.
PEPs due to expire within 6 months after 31 Dec 2014 (i.e. expiry taking place between 1 Jan 2015 – 30 Jun 2015) will be allowed to remain until expiry.
Dependents of existing PEP holders who are in Singapore by 1 Dec 2012 will be allowed to stay so long as their sponsors have valid PEPs.