Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 128

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 128
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 also has powers to impose directions requiring infringing undertakings to stop or modify the activity or
conduct, or in the case of anti-competitive mergers, to remedy, mitigate or eliminate the adverse effects arising from the
merger.

Regulations on Labor 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