Singapore Statutory and Private Employee Benefits, 2023 Update

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

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

Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

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 of Contents
  • List of Figures
  • List of Tables

    • 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

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.2 Death in Service

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.3 Long-Term Disability Benefits

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.4 Short-Term Sickness Benefits

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.5 Medical Benefits

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.6 Workers’ Compensation Insurance

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.7 Maternity and Paternity Benefits

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.8 Other Benefits

  • – Family Benefits
  • – Long-Term Care Benefits
  • – Unemployment Benefits
  • – Leaves and Holidays

    • 7. Private Benefits
    • 7.1 Retirement Benefits
    • 7.2 Death Benefits
    • 7.3 Medical Benefits
    • 7.4 Disability Benefits
    • 7.5 Accidental Death and Dismemberment Benefits
    • 7.6 Other Benefits

  • About GlobalData
  • Contact Us

Table

Table 1: Singapore – Maximum Annual Payout for 2023

Table 2: Insurance Industry Definitions

Table 3: Singapore – Country Statistics, 2022

Table 4: Singapore – Maximum Annual Payout for 2023

Table 5: Singapore – WICA Compensation Limits for 2020

Table 6: Singapore – Monthly Withdrawal Limit from Medisave Account for Long-Term Needs

Table 7: Singapore – CPF Contribution Rates

Table 8: Singapore – CPF Contribution Rates for the First Year from 2023

Table 9: Singapore – CPF Contribution Rates for Second Year from 2023

Table 10: Singapore – CPF Contribution Rates for Third Year Onwards from 2023

Table 11: Singapore – CPF Allocation Rates 2023

Table 12: Singapore – CPF Allocation Rates 2023

Table 13: Singapore – Conditions for Enrolling into CPF Life

Table 14: Singapore – Withdrawal Limits from CPF Account

Table 15: Singapore – Monthly Pay-outs of CPF Life Scheme

Table 16: Singapore – Contribution rates from January 1, 2023 (for monthly wages > $750)

Table 17: Singapore – Medisave Employee Contribution 2023

Table 18: Singapore – Medical Leave Wages

Table 19: Singapore – Baby Bonus Cash Gift, 2023

Table 20: Singapore – Cash Gift and Disbursement Schedule, 2023

Table 21: Singapore – CDA Government Contribution Maximum Limits

Table 22: Singapore – Government Guidelines for Retrenchment Notice

Table 23: Singapore – Paid Annual Leave 2023

Table 24: Singapore – Notice Period Served by Employees 2023

Table 25: Singapore – Fixed National and Public Holidays 2023

Figures

List of Figures

Figure 1: Singapore – Main Institutions of Social Security System

Frequently asked questions

Singapore Statutory and Private Employee Benefits, 2023 Update thematic reports
Currency USD
$1,495

Can be used by individual purchaser only

$2,990

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Singapore Statutory and Private Employee Benefits, 2023 Update was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Insurance reports
Financial Services
New
Augmented Reality (AR) in Banking - Thematic Intelligence
$995 | March 2024
Financial Services
New
Belgium Cards and Payments - Opportunities and Risks to 2028
$2,750 | March 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Singapore Statutory and Private Employee Benefits, 2023 Update in real time.

  • Access a live Singapore Statutory and Private Employee Benefits, 2023 Update dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.