Employee Benefits in Singapore 2020
The Republic of Singapore’s social security system is founded on principles of self-provision and self-reliance; the government limits expenditure on social security schemes. Government policy has been that each generation must earn and save enough for their entire life cycle, with each individual responsible for their financial sustenance after retirement. The Central Provident Fund (CPF) is a key component of the Singaporean social security system. Most mandatory and state-sponsored benefits are limited to nationals and permanent citizens
The report provides in-depth industry analysis, information and insights of the employee benefits in Singapore, including: overview of the state and compulsory benefits in Singapore, detailed information about the private benefits in Singapore, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Singapore.
– The principal benefit system in Singapore is the CPF, under which many mandatory benefits are offered to Singaporean residents. Contributions from employers and employees are mandatory.
– All employees and employers are required to contribute to the CPF account, according to contribution rates decided by the government.
– Other mandatory benefits an employer is required to offer to employees include compensation under Workers’ compensation act to employees suffering from occupational diseases and injuries, retrenchment benefits, paid maternity leave, and other paid leaves which enable employees to care for young children.
– In Singapore, the prevalence of supplementary employer-sponsored retirement plans is low in the country due to the predominance of mandatory CPF system.
This report provides a detailed analysis of employee benefits in Singapore –
– It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
– It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
– It highlights the economic and regulatory situations relating to employee benefits in Singapore
Reasons to Buy
– Make strategic decisions using in-depth information related to employee benefits in Singapore.
– Assess Singapore’s employee benefits market, including state and compulsory benefits and private benefits.
– Gain insights into the key employee benefit schemes offered by private employers in Singapore.
– Gain insights into key organizations governing Singapore’s employee benefits, and their impact on companies.
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