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Singapore

Employee Benefits Report

Product Employee Benefits Reports Rev Singapore

Key Highlights

Get access to Axco’s online product for a comprehensive understanding of employee benefits in Singapore

  • Details of the state and compulsory benefits
  • Insight into typical market practice
  • Examines changes to the costs and benefits of social security and mandatory benefits requirements
  • Demographic and economic information including projections
  • Mandatory pension provision, normal and parental leave and other state benefits
  • Details of applicable taxation
  • Extensive geopolitical and operational risk analysis

Report Overview

Comprehensive employee benefits information for Singapore. Details mandatory benefits and plans as well as typical market practice. Includes data on pensions and retirement benefits, employee leave and termination indemnities.

Axco's employee benefits report for Singapore provides an expert analysis of the local benefits landscape, detailing state and compulsory benefits and local market practice across necessary to know when employing staff in Singapore or thinking of entering the market.

The comprehensive report is produced by a dedicated research team with years of experience in international employee benefits. The report outlines all key benefits in Singapore, including insight into changes to the costs and benefits of social security and mandatory benefits requirements, as well as typical employer practice. Information and necessary details on new legislative mandates are regularly updated to ensure you remain compliant.

Suitable for international employee benefits consultants, brokers or corporates looking at establishing business in Singapore, the report outlines the employment benefits requirements for your employees in Singapore. Coverage extends to retirement benefits, death in service benefits, long-term disability, medical benefits, workers compensation, personal accident insurance, termination indemnities, maternity benefits & maternity/paternity benefits and other employee and state benefits.

Axco analysts also report on the economy of Singapore, the local political situation, and climate, operational, and security risks.

Singapore Report Extract

Below is a very brief extract of information from the Singapore Employee Benefits Report; more updated information may be available in the latest published report.

Retirement

Benefit Provider

State & Compulsory Benefits

Retirement benefits are provided through social security savings schemes, administered by the Central Provident Fund (CPF).

CPF benefits are accrued under the following accounts:

Ordinary Account (OA) - funds may be used for ...

Special Account (SA) - funds may be used for ...

Medisave Account - funds are used for ...

Retirement Account (RA) - funds are used for ..

CPF benefits continue to accrue in the OA, SA and Medisave Account after the employee attains age 55.

Typical Employer Practice

Axco provides information on the percentage of employers with over 300 employees and 500 employees that provide supplementary retirement benefits.

The report contains more information on retirement benefits in Singapore including Benefit Provider; Type of Plan; Eligibility; Retirement Age; Pensionable Salary; Vesting and more

Termination Indemnities

Benefit provider

State & Compulsory Benefits

There are no mandatory termination indemnities in Singapore; notice of termination is, however, required upon termination and depends upon length of service as follows (exceptions apply, such as executives with a basic salary in excess of SGD 4,500 per month)

The Axco report provides details of notice period requirements per length of service.

Typical Employer Practice

Ex-gratia payments may be payable at the discretion of the employer to employees who do not qualify for the retrenchment benefits.

More information on Eligibility; When Benefit is Paid; Continuation After Retirement; Employer/Employee Contribution and associated Taxation is provided in the report

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£450

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