Employee Benefits in Singapore 2020
- Pages: 63
- Published: September 2020
- Report Code: GDEB0716MR
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: 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 principal benefit system in Singapore is the CPF, under which many mandatory benefits are offered to Singaporean residents. Contributions from employers and employees are mandatory.
– All employees and employers are required to contribute to the CPF account, according to contribution rates decided by the government.
– Other mandatory benefits an employer is required to offer to employees include compensation under Workers’ compensation act to employees suffering from occupational diseases and injuries, retrenchment benefits, paid maternity leave, and other paid leaves which enable employees to care for young children.
– In Singapore, the prevalence of supplementary employer-sponsored retirement plans is low in the country due to the predominance of mandatory CPF system.
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 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.
Table of Contents
Table of Contents
1 EXECUTIVE SUMMARY
2.1 What is this Report About?
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN SINGAPORE
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.4 Payment Options
6.2 Death Benefits
6.2.4 Payment Options
6.3 Long-Term Disability Benefits
6.3.4 Payment Options
6.4 Short Term Sickness Benefits
6.4.4 Payment Options
6.5 Medical Benefits
6.5.4 Payment Options
6.6 Workers’ Compensation Insurance
6.6.4 Payment Options
6.7 Maternity and Paternity Benefits
6.7.4 Payment Options
6.8 Other Benefits
6.8.1 Family Benefits
6.8.2 Long Term Care Benefits
6.8.3 Minimum Resources
6.8.4 Unemployment Benefits
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 Accidental Death and Dismemberment Benefits
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
List of Tables
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Singapore – Country Statistics
Table 3: Singaporean Monthly Withdrawal Limit From MediSave Account For Long-Term Needs – 2020
Table 4: Singaporean WICA Compensation Limits for 2020
Table 5: Singaporean CPF Contribution Rates
Table 6: Singaporean CPF Contribution Rates
Table 7: Singaporean CPF Contributions – Distribution to Accounts in 2016
Table 8: Singaporean Conditions For Enrolling Into CPF Life
Table 9: Singaporean Withdrawal Limits from CPF Account
Table 10: Singaporean Monthly Pay-outs of CPF Life Scheme
Table 11: Singaporean MediSave Employee Contribution
Table 12: Singaporean Medical Leave Wages
Table 13: Singaporean Enhanced Baby Bonus Cash Gift
Table 14: Singaporean CDA Government Contribution Maximum Limits
Table 15: Singaporean Government Guidelines for Retrenchment Notice
Table 16: Singaporean Paid Annual Leave – 2020
Table 17: Singapore Leave – Fixed National and Public Holidays 2020
List of Figures
List of Figures
Figure 1: Singapore – Main Institutions of Social Security System