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Employee Benefits in Singapore

Published: Dec-2014 | Format: PDF | Timetric | Number of pages: 61 | Code: MRS - 2017

Synopsis
 
The report provides in-depth industry analysis, information and insights into employee benefits in Singapore, including:
 
  • An overview of state and compulsory benefits in Singapore
  • Detailed information about private benefits in Singapore
  • Insights into various central institutions responsible for the administration of the different branches of social security
  • The regulatory framework for employee benefits in Singapore
Executive summary
 
The Republic of Singapore’s social security system is founded on principles of self-provision and self-reliance; the country’s government limits its expenditure on social security schemes. The government’s policy has been that each generation must earn and save enough for their entire life cycle, with each individual being responsible for their own financial sustenance after their retirement. The Central Provident Fund (CPF) is a key component of Singaporean social security system. Most mandatory and state-sponsored benefits are limited to nationals and permanent citizens of the country.
 
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 benefits, long-term disability, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, minimum reources, unemployment, other benefits 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 the 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
 
Key highlights
 
  • The Central Provident Fund (CPF) plays an important role in Singapore’s social security system.
  • The CPF addresses employees’ retirement, medical, housing and education needs.
  • Numerous means-tested assistance programs provided by the Ministry of Social and Family Development and Ministry of Health cater to the needs of disabled people and lower-income groups.
  • Since most statutory benefits offered in Singapore are limited to citizens and permanent residents, benefits offered by private companies play a significant role in attracting and retaining talent. Employees are given an option to choose benefits that are suitable for them.
Table of Contents
 
1 Executive Summary
 
2 Introduction
2.1 What is this Report About?
2.2 Definitions
 
3 Country Statistics
 
4 Overview of Employee Benefits in Singapore
 
5 Regulations
 
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plans
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Employee and employer contributions
6.4 Medical Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Payment options
6.4.4 Typical employer practice
6.4.5 Employee and employer contributions
6.4.6 Taxation
6.5 Workmen’s Compensation
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Employee and employer contributions
6.5.6 Taxation
6.6 Maternity and Paternity Benefits
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Family Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.8 Minimum Resources
6.8.1 General system
6.8.2 Miscellaneous benefits
6.9 Unemployment
6.9.1 Introduction
6.9.2 Retrenchment benefits
6.10 Other Benefits
 
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
 
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP at current prices (US$)
8.1.3 GDP by key sector
8.1.4 Inflation rate
8.1.5 Annual average exchange rate US$–SGD
8.1.6 Unemployment rate
8.1.7 Household consumption expenditure
8.1.8 Gross national disposable income
8.2 Demographics
8.2.1 Labor force
 
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric’s Services
9.5 Disclaimer
 

List of Tables


Table 1: Definitions
Table 2: Singapore – Country Statistics
Table 3: Singaporean CPF Contribution Rates From January 1 to December 31, 2014
Table 4: Singaporean CPF Contribution Rates From January 1 to December 31, 2014
Table 5: Singaporean CPF Contributions – Distribution to Accounts in 2014
Table 6: Singaporean Draw Down Age to Receive Annuities
Table 7: Singapore – Minimum Sum to be Retained in Retirement Account
Table 8: Singaporean ComCare Public Assistance – Cash Grants
Table 9: Singaporean IDAPE Monthly Payouts
Table 10: Singaporean Medisave Withdrawal Limits
Table 11: Singaporean MediShield Claim Limits
Table 12: Singaporean Medical Leave Wages
Table 13: Singaporean Medical Expenses Maximum Limits
Table 14: Singaporean Workmen’s Compensation For Permanent Incapacity and Death
Table 15: Singaporean Enhanced Baby Bonus Cash Gift
Table 16: Singaporean CDA Government Contribution Maximum Limits
Table 17: Singaporean CHAS Subsidies
Table 18: Singaporean Government Guidelines for Retrenchment Notice
Table 19: Singaporean WIS Maximum Payout

 

List of Figures


Figure 1: Major Institutions of the Singaporean Social Security System
Figure 2: Singaporean GDP at Constant Prices (US$ Billion), 2008–2013
Figure 3: Singaporean GDP at Current Prices (US$ Billion), 2008–2013
Figure 4: Singaporean GDP by Key Sector (%), 2008–2012
Figure 5: Singaporean Inflation Rate (%), 2008–2013
Figure 6: Singaporean Annual Average Exchange Rate US$–SGD, 2008–2013
Figure 7: Singaporean Unemployment Rate (%), 2008–2013
Figure 8: Singaporean Household Consumption Expenditure (US$ Billion), 2008–2013
Figure 9: Singaporean Gross National Disposable Income (US$ Billion), 2008–2012
Figure 10: Singaporean Size of Labor Force (Million), 2008–2012

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