Redundancy - EP -> PEP activation, pros and cons, advice needed
Posted: Thu, 01 Oct 2020 2:23 pm
Hi,
I'm an EP holder and have been living in Singapore for the last 5 years. I've recently been made redundant with my last day a few weeks away. I saw this coming a while back so was successful in getting my PEP (and DPs) approved recently to provide some options to us as a family whilst we decide what is next. I'm actively job hunting and our goal is to stay in Singapore.
As a PEP allows me to search for work for up to 6 months, I'm trying to maximise the time before that clock starts ticking by pushing out the PEP activation as far as possible. I understand I will be put onto a 30 day STVP once my EP is cancelled and from speaking to MOM, they said I can activate my PEP any time, including on the final day of STVP. My HR Director has also told me that should I want an extension to my STVP, she can request that once it's within 2 weeks of the original end date. This could in theory give me 2 months additional time before I need to activate my PEP.
I wanted to check if anyone had any advice on this approach (apart from the obvious burning of money with no income coming in)? One issue I'm concerned about is health insurance. All the policies I've looked at require that you are a resident in Singapore and hold a valid FIN (which I assume I won't at the point of my EP cancellation). I'm concerned that if I need to claim on the policy whilst we're on our STVP's, they would unlikely pay out. I could take out a travel insurance policy to cover us for the 2 months but I'm concerned if I put our Singapore address, that might cause other problems.
Sorry for the rambling, has anyone else been in a similar situation? Whilst I know the easiest solution is just to activate the PEP on the day my EP is cancelled, I'm trying to give myself as much time as possible to find a job.
Bob
I'm an EP holder and have been living in Singapore for the last 5 years. I've recently been made redundant with my last day a few weeks away. I saw this coming a while back so was successful in getting my PEP (and DPs) approved recently to provide some options to us as a family whilst we decide what is next. I'm actively job hunting and our goal is to stay in Singapore.
As a PEP allows me to search for work for up to 6 months, I'm trying to maximise the time before that clock starts ticking by pushing out the PEP activation as far as possible. I understand I will be put onto a 30 day STVP once my EP is cancelled and from speaking to MOM, they said I can activate my PEP any time, including on the final day of STVP. My HR Director has also told me that should I want an extension to my STVP, she can request that once it's within 2 weeks of the original end date. This could in theory give me 2 months additional time before I need to activate my PEP.
I wanted to check if anyone had any advice on this approach (apart from the obvious burning of money with no income coming in)? One issue I'm concerned about is health insurance. All the policies I've looked at require that you are a resident in Singapore and hold a valid FIN (which I assume I won't at the point of my EP cancellation). I'm concerned that if I need to claim on the policy whilst we're on our STVP's, they would unlikely pay out. I could take out a travel insurance policy to cover us for the 2 months but I'm concerned if I put our Singapore address, that might cause other problems.
Sorry for the rambling, has anyone else been in a similar situation? Whilst I know the easiest solution is just to activate the PEP on the day my EP is cancelled, I'm trying to give myself as much time as possible to find a job.
Bob