Yes. A Multi Journey Visa can be given upon request at the time of the Personalised Employment Pass (PEP) application. It enables the PEP holder to travel in and out of Singapore while the person is holding a valid PEP.
Suggested Readings
What are the main changes to Personalised Employment Pass (PEP) with effect from 1/12/2012?
What happen after 3 years of having secured a Personalised Employment Pass (PEP)?
What happens if a Personalised Employment Pass (PEP) holder does not find a job for more than 6 months?
What happens to existing Personalised Employment Pass (PEP) holders who are unable to meet the revised minimum annual fixed salary requirement of $144,000 for the year ending 31 Dec 2014?