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.
Singapore’s social security system is founded on principles of self-provision and self-reliance, and 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 residents.
Singapore’s social security system is founded on principles of self-provision and self-reliance, and 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 residents.
Key Highlights
- The Ministry of Manpower, the Ministry of Social and Family Development, the Ministry of Health, and the Central Provident Fund Board are responsible for the functioning of the overall social security system in Singapore.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution.
- In Singapore, employers provide supplementary pension benefits through SRS-DC Plan, Section 5 scheme - Either a DB or DC Plan, Offshore Plan - Either a DB or DC Plan, and Unfunded arrangement - DB Plan.
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, medical benefits, workmen's compensation insurance, maternity and paternity benefits, Family Benefits, Unemployment benefits, Minimum resource benefits, leaves and holidays 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
Table of Contents
1. Executive Summary3. Country Statistics4. Overview of Employee Benefits in Singapore5. Regulations
2. Introduction
6. State and Compulsory Benefits
7. Private Benefits
List of Tables
