Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 80

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 80
---
 and Employment

The Employment Act 1968 of Singapore
(the “Singapore Employment Act”) generally extends to all employees regardless of their designation, salary
level or type of work performed, with the exception of certain groups of employees (i.e., seafarers, domestic workers and public workers).
It provides employees falling within its ambit certain protections such as minimum notice periods, restrictions in relation to the deductions
from wages, minimum days of annual and sick leave, maternity/paternity leave and paid childcare leave. The Singapore Employment Act also
applies to employees who are foreigners so long as they fall within the definition of “employee” under the Singapore Employment
Act. Employers in Singapore owe a statutory obligation under the Central Provident Fund Act 1953 of Singapore to contribute to a
Central Provident Fund in relation to wages for employees who are Singapore citizens or permanent residents of Singapore. The specific
contribution rate to be made by employers varies depending on whether the employee is a Singapore citizen or permanent resident and the
age group and wage band of the employee.

The Employment of Foreign Manpower
Act 1990 of Singapore, provides that no person shall employ a foreign employee unless the foreign employee has a valid work pass. Work
passes are issued by the Controller of Work Passes. In relation to the employment of semi-skilled foreign workers in the construction,
manufacturing, marine shipyard, process or services sectors, employers must ensure that such persons apply for a “Work Permit”.
In relation to the employment of foreign mid-level skilled workers, such persons apply for an “S Pass”. From 1 September 2023,
the minimum monthly salary requirement for “S Pass” applicants will be S$3,150, with a higher minimum qualifying salary requirement
of S$3,650 for “S Pass” applicants in the financial services sector. In relation to the employment of foreign professionals,
managers and executives earning a monthly fixed salary of at least S$5,000 (or S$5,500 for “Employment Pass” applicants in
the financial services sector), employers must ensure that such persons apply for an “Employment Pass”. From 1 September 2023,
in addition to meeting the minimum qualifying salary, “Employment Pass” applicants must also pass a points-based Complementarity
Assessment Framework (“COMPASS”), with certain exceptions.

<div align='center'>47</div>

Regulations on Anti-money Laundering and Counter-Terrorist Financing

The primary anti-money laundering
and