Employee Benefits in Singapore 2021

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 an 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 major institutions that supervise and govern the Singaporean social security system are given below -

• Ministry of Manpower: The ministry influences key policies that directly impact the Singaporean workforce. Various divisions such as the Human Resources Department, Labor Relations and Workplace Division, Foreign Manpower Division, Workplace Policy and Strategy Division, and many others work under this ministry.
• The Ministry of Social and Family Development: The social welfare schemes, child welfare schemes, maternity benefits, and other family welfare schemes come under the purview of this ministry. According to its mission statement, it works to nurture resilient individuals, strong families, and caring society.
• The Ministry of Health: This ministry is responsible for formulating strategy and policy to build a good public healthcare system where affordable basic medical services are available to all Singaporeans.
• The Central Provident Fund (CPF) Board: This is a statutory board under the Ministry of Manpower and administers the fund.

Scope

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 the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies