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Market Research Report

Employee Benefits in Singapore 2019

Published by GlobalData Product code 320870
Published Content info 56 Pages
Delivery time: 1-2 business days
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Employee Benefits in Singapore 2019
Published: June 25, 2019 Content info: 56 Pages
Description

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 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 own 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.

Key Highlights

  • The CPF plays an important role in Singapore's social security system, and is a defined-contribution scheme funded by contributions from employees and employers.
  • Singapore also has some unique plans and systems such as the Supplementary Retirement Scheme (SRS), wherein contributions by the employer and employee are not mandated, although the government prescribes institutions and schemes where investments can be made to ensure income after retirement.
  • As 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.
  • There are, however, numerous means-tested assistance programs provided by the Ministry of Social and Family Development.

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 Singapore.
  • Assess Singaporean 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 Singaporean employee benefits, and their impact on companies.
Table of Contents
Product Code: GDEB0350MR

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 Eligibility
    • 6.1.3 Benefits
    • 6.1.4 Payment Options
    • 6.1.5 Contributions
  • 6.2 Death Benefits
    • 6.2.1 Introduction
    • 6.2.2 Eligibility
    • 6.2.3 Benefits
    • 6.2.4 Payment Options
    • 6.2.5 Contributions
  • 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 Contributions
  • 6.4 Short Term Sickness Benefits
    • 6.4.1 Introduction
    • 6.4.2 Eligibility
    • 6.4.3 Benefits
    • 6.4.4 Payment Options
    • 6.4.5 Contributions
  • 6.5 Medical Benefits
    • 6.5.1 Introduction
    • 6.5.2 Eligibility
    • 6.5.3 Benefits
    • 6.5.4 Payment Options
    • 6.5.5 Contributions
  • 6.6 Workers' Compensation Insurance
    • 6.6.1 Introduction
    • 6.6.2 Eligibility
    • 6.6.3 Benefits
    • 6.6.4 Payment Options
    • 6.6.5 Contributions
  • 6.7 Maternity and Paternity Benefits
    • 6.7.1 Introduction
    • 6.7.2 Eligibility
    • 6.7.3 Benefits
    • 6.7.4 Payment Options
    • 6.7.5 Contributions
  • 6.8 Other Benefits
    • 6.8.1 Family Benefits
    • 6.8.2 Unemployment Benefits
    • 6.8.3 Retrenchment Benefits
    • 6.8.4 Minimum Resources
    • 6.8.5 Leaves and Holidays
  • 7 PRIVATE BENEFITS
  • 7.1 Retirement Benefits
  • 7.2 Death Benefits
  • 7.3 Disability Benefits
  • 7.4 Medical Benefits
  • 7.5 Workers' Compensation Benefits
  • 8 APPENDIX
  • 8.1 Methodology
  • 8.2 Contact GlobalData
  • 8.3 About GlobalData
  • 8.4 GlobalData's Services
  • 8.5 Disclaimer

List of Tables

  • Table 1: Insurance Industry Definitions
  • Table 2: Singapore - Country Statistics
  • Table 3: Singaporean CPF Contribution Rates
  • Table 4: Singaporean CPF Contribution Rates
  • Table 5: Singaporean CPF Contributions - Distribution to Accounts in 2016
  • Table 6: Singaporean CPF Life Eligibility Criteria
  • Table 7: Singaporean Withdrawal from CPF Account
  • Table 8: Singaporean CPF Life Plan - Monthly Payout
  • Table 9: Singaporean MediSave Employee Contribution
  • Table 10: Singaporean Medical Leave Wages
  • Table 11: Singaporean Workers' Compensation - Higher Compensation Limits
  • Table 12: Singaporean Enhanced Baby Bonus Cash Gift
  • Table 13: Singaporean CDA Government Contribution Maximum Limits
  • Table 14: Singaporean Government Guidelines for Retrenchment Notice
  • Table 15: Singaporean Paid Annual Leave - 2019
  • Table 16: Singapore Leave - Fixed National and Public Holidays 2019

List of Figures

  • Figure 1: Singapore - Main Institutions of Social Security System
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