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?

Existing Personalised Employment Pass (PEP) holders who are unable to remain on the PEP can continue to work and live in Singapore on an Employment Pass (EP) or S Pass, subject to the prevailing EP and S Pass assessment criteria.