What is the COMPASS Strategic Economic Priorities (SEP) Bonus?
As part of the Singapore government’s efforts to help employers choose high-quality foreign professionals, it is introducing the new Complementarity Assessment (COMPASS) Framework that begins on 1st September 2023.
Under COMPASS, the SEP Bonus is designed to support companies actively driving Singapore’s strategic economic priorities through:
- Bold investments
- Initiatives focused on company and workforce transformation
This scheme aims to create a positive impact by generating more quality job opportunities for local residents, ultimately contributing to the growth and development of Singapore’s economy.
It is part of the 2 bonus criteria under the Employment Pass (EP)’s new COMPASS Framework, the other being the Skills Bonus, or the Shortage Occupation List (SOL).
To be eligible for the SEP Bonus, companies must participate in one of the eligible programs listed in the infographic below and demonstrate a commitment to developing the local workforce or ecosystem.
The decision to award the SEP Bonus is made at the discretion of the supporting agencies responsible for the respective program.
Companies that have been granted the SEP Bonus will receive a notification from MOM by the end of July 2023 and can contact the relevant sector agency for any inquiries.