Singapore Statutory and Private Employee Benefits, 2023 Update
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Singapore Statutory and Private Employee Benefits Overview
The Republic of 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 citizens.
The Singapore employee benefits report provides in-depth industry analysis, information, and insights into employee benefits, an overview of the state and compulsory benefits, detailed information about the private benefits, 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.
Key Regulations | · Retirement and Re-Employment Act (RRA)
· Central Provident Fund Act · Child Development Co-Savings Act · Work Injury Compensation Act |
Key State and Compulsory Benefits | · Retirement Benefits
· Death in Service · Long-Term Disability Benefits · Short-Term Sickness Benefits · Medical Benefits · Workers’ Compensation Insurance · Maternity and Paternity Benefits · Other Benefits |
Key Private Benefits | · Retirement Benefits
· Death Benefits · Medical Benefits · Disability Benefits · Accidental Death and Dismemberment Benefits · Other Benefits |
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Employee Benefits Regulations in Singapore
The chief laws that govern employee benefits offered in Singapore are:
- Retirement and Re-Employment Act (RRA)
- Central Provident Fund Act
- Child Development Co-Savings Act
- Work Injury Compensation Act
For more insights on employee benefit regulations in Singapore, download a free report sample
Singapore Employee Benefits Segmentation by State and Compulsory Benefits
The key state and compulsory benefits offered by employers in Singapore are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.
Retirement Benefits: The retirement system of Singapore includes the following retirement systems:
Central Provident Fund (CPF) (compulsory DC system): The CPF is a mandatory social security savings program that is financed by employer and employee contributions.
Silver Support Scheme – Social Assistance Scheme (DB system): This fund is for individuals in a low-income group while working and during retirement.
Workfare Income Supplement Scheme (DB system).
Workers’ Compensation Insurance: Benefits payable to employees who meet with an accident while on duty or suffer from occupational diseases are governed under the Work Injury Compensation Act (WICA). Employers are expected to buy insurance to cover claims for injuries or ailments caused while on or due to work.
Maternity and Paternity Benefits: The Singaporean government issues some guidelines on the benefits offered to parents of newborn children. These benefits are financed by the government and the employer.
To know more about state and compulsory employee benefits in Singapore, download a free report sample
Singapore Employee Benefits Segmentation by Private Benefits
The key private benefits offered by the employers of Singapore are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
Retirement Benefits: Supplementary retirement benefits in Singapore are provided through Supplementary Retirement Scheme (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. However, the prevalence of supplementary employer-sponsored retirement plans is low in the country due to the predominance of the mandatory CPF system.
Medical Benefits: In Singapore, the healthcare system comprises mandatory health insurance (MediSave and MediShield Life) and a government-subsidized healthcare system. MediShield Life scheme automatically enrolls all Singaporean citizens and permanent residents in a basic health insurance plan covering large hospital bills and certain outpatient treatments.
Disability Benefits: In Singapore, group disability income insurance plans provide standalone long-term disability benefits. Group-term life insurance plans also offer coverage as a core benefit. A few large employers also offer flexible plans that provide medical benefits, death, total permanent disability, and accidental death and dismemberment benefits.
To know more about private employee benefits in Singapore, download a free report sample
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 benefits, long-term care benefits, leaves and holidays, and private benefits.
- It highlights the economic and regulatory situations relating to employee benefits in Singapore.
Key Highlights
• Ministry of Manpower, Ministry of Social and Family Development, the Ministry of Health, and the Central Provident Fund (CPF) Board are responsible for the functioning of the overall social security system.
• 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 voluntary retirement benefits to their employees through Supplementary Retirement Scheme, Section 5 scheme, Offshore Plans and Unfunded arrangement.
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 the employee benefits market, and their impact on companies.
Table of Contents
Table
Figures
Frequently asked questions
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What are the key regulations guiding employee benefits in Singapore?
The chief laws that govern employee benefits offered in Singapore are Retirement and Re-Employment Act (RRA), Central Provident Fund Act, Child Development Co-Savings Act, and Work Injury Compensation Act.
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What are the key state and compulsory benefits for employees in Singapore?
The state and compulsory benefits for employees in Singapore are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.
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What are the key private benefits for employees in Singapore?
The private benefits for employees in Singapore are retirement benefits, death benefits, medical benefits, disability benefits, accidental death dismemberment benefits, and other benefits.
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