Market Research Logo

Employee Benefits in Singapore 2017

Employee Benefits in Singapore 2017

Summary

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.

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.

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.
  • 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.
  • The law requires employers to provide benefits such as paid leave, compensation for injury at the workplace and occupational disease and retrenchment benefits.
  • One of the main schemes offered is health insurance (or medical reimbursements), which address employees’ healthcare needs and provide access to a wide network of medical services and facilities.
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 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.


  • Executive Summary
  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Country Statistics
    • Table Singapore - Country Statistics
  • Overview of Employee Benefits in Singapore
  • Regulations
  • State and Compulsory Benefits
    • Table Figure 1: Singapore - Main Institutions of Social Security System
    • Table Singaporean CPF Contribution Rates
    • Table Singaporean CPF Contributions - Distribution to Accounts in 2016
    • Retirement Benefits
      • Introduction
      • Types of retirement plan
      • Eligibility
      • Age
        • Table Singaporean Draw-Down Age to Receive Annuities
      • Benefits
        • Table Singapore - Minimum Sums to be Retained in a Retirement Account
        • Table Enhanced Retirement Sum
        • Table Basic Retirement Sum
      • Payment options
      • Typical employer practice
      • Employee and employer contributions
      • Taxation
    • Death in Service
      • Introduction
      • Eligibility
      • Benefits
      • Payment options
      • Typical employer practice
      • Employee and employer contributions
      • Taxation
    • Long-Term Disability Benefits
      • Introduction
      • Eligibility
      • Benefits
        • Table Singaporean ComCare Public Assistance - Cash Grants
        • Table Singaporean IDAPE Monthly Payouts
      • Payment options
      • Employee and employer contributions
    • Medical Benefits
      • Introduction
      • Eligibility
        • Table Singaporean Medisave Withdrawal Limits
        • Table Singaporean MediShield Claim Limits
        • Table Singaporean MediShield Life Claim Limits
      • Payment options
      • Typical employer practice
      • Employee and employer contributions
      • Taxation
    • Workmen's Compensation Insurance
      • Introduction
      • Eligibility
      • Benefits
        • Table Singaporean Medical Leave Wages
        • Table Singaporean Workmen's Compensation - Higher Compensation Limits
      • Payment options
      • Employee and employer contributions
      • Taxation
    • Maternity and Paternity Benefits
      • Introduction
      • Eligibility
      • Benefits
      • Payment options
      • Employee and employer contributions
      • Taxation
    • Family Benefits
      • Introduction
      • Eligibility
      • Benefits
        • Table Singaporean Enhanced Baby Bonus Cash Gift
        • Table Singaporean CDA Government Contribution Maximum Limits
      • Payment options
      • Employee and employer contributions
    • Minimum Resources
      • General system
      • Miscellaneous benefits
        • Table Singaporean CHAS Subsidies
    • Unemployment Benefits
      • Introduction
      • Retrenchment benefits
        • Table Singaporean Government Guidelines for Retrenchment Notice
      • Other benefits
        • Table Singaporean WIS Maximum Payout
  • Private Benefits
    • Retirement Benefits
    • Disability Benefits
    • Death Benefits
    • Medical and Health Benefits
    • Other Benefits
  • Appendix
    • Methodology
    • Contact GlobalData
    • About GlobalData
      • Table Figure 2: About GlobalData
    • GlobalData's Services
    • Disclaimer

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report