Singapore Regulatory:

• A new platform for low-paid employees to check their salaries
  • The PW Portal, available from Jan 26^th 2024, helps low-wage employees ensure that their wages comply with the Progressive Salary Model (PWM) or Locally Qualified Wages (LQS).
    • Reference
•  Key points of the 2024 Budget for Human Resources and Business
  • Singapore’s 2024 Budget was announced on Feb 16^th For enterprises, key points include: SkillsFuture Advance Program, Upgrading of the status of low-paid employees, Singapore’s Central Provident Fund (CPF), and Retirement benefits.
    • Reference
•  The compensation limits under the Worker Injury Compensation Act (WICA) will be Increased
  • The Ministry of Manpower (MOM) will implement the latest compensation limits under the WICA from Nov 1^st The changes include a 19% increase in compensation limits for death and permanent incapacity to S$26.9k and S$34.6k respectively.
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•  Singapore’s retirement and re-employment ages will be raised.
  • From July 1^st 2026, the retirement age in Singapore will be raised to 64 years old, and re-employment age will be raised to 69.
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•  Singapore will raise the minimum monthly salary threshold for Employment Pass (EP) applicants in 2025
  • In 2025, the minimum monthly salary threshold for new EP applicants will increase to S$5.6k.
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•  Interest rates on CPF special accounts, MediSave and retirement accounts in Singapore fell to 4.05% in the second quarter
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Malaysia:

• Mandatory 2 new columns in the CP8D form, i.e., employment status and retirement date/contract termination date. Subsequently, from March 2024, employee status will be divided into one of the six categories:
• • Organization management
  • Permanent
  • Contract
  • Part-time job
  • Internship
  • Other
    • Reference
• Employer delays filing 2023 From E
  • Malaysia has announced the extension of the time for filing Form E by 2024 employers from March 31^st 2024 to April 30^th
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Thailand Regulatory:

• Thailand extends deadline for electronic tax filing
  • On Jan 17^th 2024, the Thai Ministry of Finance announced that it would extend the filing deadline for e-tax returns and various taxes forms by eight days, starting from Feb 1^st 2024 to Jan 31^st, 2027.
    • Reference
•  Ten provinces raised their minimum wage
  • Thailand raised its minimum wage to 400 baht in 10 provinces from April 13^th
    • Bangkok’s Pathumwan and Watthana districts
    • The whole of Phuket
    • Areas under the juirstiction of the Tambon Ao Nang administrative organization of Krabi
    • Heai City, Songkhla Province
    • Samui District, Surat Thani Province
    • Tambon Khuk Khak City, Phang Nga Province
    • Pattaya, Chonburi Province
    • Hua Hin City, Bashu Province
    • Tambon Ban Phae, Rayong Province
      • Reference

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