In general, workplace or employee benefits in Singapore include statutory and voluntary benefits. Statutory benefits are mandatory, and your company offers voluntary benefits if they prefer.
Do you want to know more about The Ultimate Guide employee benefits and what they include? Aniday is here to explain it to you. Read ahead!
What Are The Employee Workplace Benefits In Singapore?
You must incorporate ideal employee benefits packages to retain and attract talented employees. Staff benefits in Singapore are divided into two main categories. Statutory and Voluntary benefits.
What Are Statutory Employee Benefits In Singapore?
Structural benefits mandated by the government. Are outlined in the Employment Act. Aniday has summarized the key. The Ultimate Guide statutory benefits that companies must. Comply with to ensure employee rights are protected.
1. Central Provident Fund (CPF)
CPF in Singapore ensures financial security while. Ensuring contributions between employers and employees are necessary.
Employers should pay about 17% of the employee’s basic salary to the CPF. However, a Singapore resident working overseas must pay tax rates up to 22% based on the provisions.
Alongside, as a part of the social security, your monthly CPF is deposited or divided for these three different accounts (may vary based on the yearly or regular updates by the government):
The Ordinary account (2.5% – 3.5%) covers the retirement and housing requirements.
The Special account (4%-5%) covers the retirement needs.
The MediSave account (4%-5%) covers healthcare needs.
2. Leave Entitlements
Leave entitlements in Singapore comprise various categories based on the period of service. The leave entitlements are divided into various categories as listed below:
Annual paid leave: Employees receive paid annual leave for about 7 to 14 days, depending on their service period. For example, full-time employees get 11 paid public holidays per year.
Sick leave: Employees are entitled to up to 14 sick days and 60 days of leave based on their illness. In such instances, certified illness-related information must be given for reimbursement unless the employee. The Ultimate guide falls ill on rest days, non-working days, or annual leaves.
Childcare leave: Parents can take up to two or six days of paid childcare leave per year if their children are under seven years old.
Maternity leave: A working mother obtains maternity benefits such as 16 weeks of Government-Paid Maternity Leave (GPML) if the child is a Singapore citizen. However, foreign workers get 12 weeks of maternity leave.
Paternity leave: Like maternity leaves, fathers are entitled to two weeks of Government-Paid Paternity Leave (GPPL). However, their children should be born after January 2017.
The Ultimate Guide To Employee Benefits In Singapore-001
3. Work Injury Compensation
If an employee falls ill due to work, it’s important to provide them with appropriate compensation. Work Injury The Ultimate Guide Compensation Insurance is essential to the employee benefits insurance program. Here are the types of compensations your employees can obtain from the Work Injury Compensation Act (WICA) as a result of the work injury or disease caused: As a social media, WhatsApp is very powerful. It is a medium of international communication which has high acceptance. Because WhatsApp is less used in our country, but it is used latvia whatsapp number data 5 million more abroad. In our country everyone uses only phone number, facebook and instagram because it is very popular here but outside the country everyone uses whatsapp as social media.
Wages for the medical leave provided or light duty.
Wages for medical expenses such as hospital bills, medication, and other charges.
Lump sum compensation due to permanent incapacity, current incapacity, or cause of death.
4. Retirement Provisions
Once your employees retire at their retirement age of 62 to 63, they can get their retirement funds. These funds can be obtained as monthly payouts (obtain a monthly income) or withdrawals for immediate needs (can withdraw up to $5000 as required based on the retirement fund).
However, retirement funds can only be accessed after they are 55 years old.
5. Health Insurance
The Basic Healthcare Sum (BHS) is beneficial as it covers employees’ healthcare expenses when they are old.
BHS’s funding source is the The Ultimate Guide MediSave account. This fund is adjusted via CPF every month to ensure every employee has enough to cover their medical needs as they age. However, once the CPF retires from work, the BHS funds will be fixed without further adjustments.
What Are The Voluntary Employee Benefits?
Voluntary benefits, offered at the company’s discretion, are designed to attract and retain top talent. Here are the recommended voluntary benefits that Aniday suggests you may consider offering:
1. Medical Insurance
Many companies provide group health insurance plans covering a couple of factors. They are listed below:
Dental and vision care
Health screenings
Hospitalization
Outpatient care
Specialist consultations
Wellness programs
Other medical expenses
2. Skills Development
Many Singapore employers The Ultimate Guide invest to enhance employee skills. Since upskilling benefits and enhances the employees, skill development initiatives are embraced widely. Here are a couple of skill development initiatives:
Arrange workshops and seminars
A Guide To Singapore’s Labor Law
For example, it would cover the details, namely annual leave, hours of work, rest days, sick leave, etc.
In this guide, Aniday will guide you along with more details on Singapore labor law, employment contracts, and labor code provisions in detail.
What Is The Singapore Employment Law?
The Employment Act of 1968 is the primary Singapore employment law. It includes all the terms and conditions that need to be met between the employer-employee relations at work.
The Singapore labor laws are covered under the fundamental protection law in its Employment Act. When you are hiring local employees, you should consider the terms and conditions for employment.
Aniday has compiled the various types of employees covered under the contract of service as outlined in the Employment Act:
Full-time employees
Part-time employees (work less than 35 hours a week).
Temporary employees
Contract employees
However, there are certain types of employees that the employment law doesn’t cover. They include:
Seafarers
Domestic workers
Statutory board employees
Civil servants (employed by the Monetary Authority of Singapore (MAS), Accounting and Corporate Regulatory Authority (ACRA), and other statutory boards)
Managers and executives (responsibilities include supervising or decision-making)
Professionals having tertiary education and specialized skills (lawyers, accountants, doctors, and more)
Independent contractors (who have their terms and conditions for their specific service)
Note: It is the best practice always to follow the Employment Act and work accordingly to avoid penalties such as a $5,000 fine, six months in prison, or both. However, the penalties may vary based on the type of violation.
If your companies are planning to find, hire and pay remote employees from Singapore? Aniday Executive Search serivce can simplify the process with our expertise in managing Singaporean talent, making your hiring smooth and hassle-free.
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What Is An Employment Contract?
The employment contract is a legal document between the employer and employee covering employment-related clauses. An employment contract is also called an employment agreement, appointment resource c level contact letter, or appointment offer. However, the following are the key clauses of the employment contract:
Appointment position
Duration of employment contract
Employee’s scope of work
Probation clause (if there is any)
Remuneration package
Hours of work and overtime pay
Employee benefits
Code of conduct
Notice period
Termination
What Are The Labor Code Provisions In Singapore?
The labor code provision covers the benefits of the Employment Act, including payroll, sick leaves, annual paid leaves, maternity benefits, etc! Alongside, there are some contract conditions that the employer should follow, as discussed below:
Minimum age: The minimum age for employment should be at least 13 years old and also differ based on the work performed.
Minimum wage payment: The Singapore law does not have a specific minimum salary for employees, but it is based on the negotiation between the employer and the employee.
Working hours and overtime laws in Singapore: There are specific working hours and overtime laws for Singapore adb directory employees. For example, you can only work for 44 hours per week or eight hours a day. Also, you cannot work six hours in a stretch without a break.
Paid annual leave: If you work for a company for at least three months. You are entitled to paid annual leave based on your length of service with the company. Check out more information on the paid Annual. Leaves of Employment Act in Singapore here!
Singapore sick leave rules: Under the statutory requirement, you can obtain paid sick. Leave and hospitalization leave in Singapore based on the number of months of service you have provided at the company. Leave for 5 days and paid hospitalization leave for 15 days.
Public holidays: Based on the Employment
Act, you obtain paid public holidays based on the year. For example, in 2023, employees received 14 paid public holidays. Also, if the employer compels you to work on a public holiday, they should pay an extra day’s pay or a day off in lieu.
Health insurance: Private health insurance is covered by. MediShield for the citizens and Permanent Residents (PRs) of Singapore. Hence it would cover all the expenses related to medical treatment supplements, etc.
Singapore’s parental leave: Female employees.
Probation period: The Singapore Employment Act doe.
