2024 Q2 Asia Pacific Regulatory Update

May 14, 2024

Recently, the latest regulatory information bulletin, covering the last developments in tax, labor laws, wages, and visas in key countries and regions in the Asia Pacific, has been released. Consequently, in this article, we will be covering the regulatory updates from Singapore, Malaysia, and Thailand.

Singapore Regulatory:

  • A new platform for low-paid employees to check their salaries
    • The PW Portal, available from Jan 26th 2024, helps low-wage employees ensure that their wages comply with the Progressive Salary Model (PWM) or Locally Qualified Wages (LQS).
  •  Key points of the 2024 Budget for Human Resources and Business
    • Singapore’s 2024 Budget was announced on Feb 16th 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.
  •  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 1st The changes include a 19% increase in compensation limits for death and permanent incapacity to S$26.9k and S$34.6k respectively.
  •  Singapore’s retirement and re-employment ages will be raised.
    • From July 1st 2026, the retirement age in Singapore will be raised to 64 years old, and re-employment age will be raised to 69.
  •  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.
  •  Interest rates on CPF special accounts, MediSave and retirement accounts in Singapore fell to 4.05% in the second quarter

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
  • Employer delays filing 2023 From E
    • Malaysia has announced the extension of the time for filing Form E by 2024 employers from March 31st 2024 to April 30th

Thailand Regulatory:

  • Thailand extends deadline for electronic tax filing
    • On Jan 17th 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 1st 2024 to Jan 31st, 2027.
  •  Ten provinces raised their minimum wage
    • Thailand raised its minimum wage to 400 baht in 10 provinces from April 13th
      • 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

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