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Singapore Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits

Publisher GlobalData
Published May 18, 2023
Length 63 Pages
SKU # GBDT18015864

Description

Singapore Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2023 Update


Summary

The report provides in-depth industry analysis, information, and insights of employee benefits in Singapore, including an 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, 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.

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.
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, long-term care benefits, minimum resources, leaves and holidays, 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 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 employee benefits market, and their impact on companies

    Table of Contents

    63 Pages
    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
    Unemployment benefits
    Long - term care Benefits
    Minimum resources benfits
    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
    7.6 Other Benefits
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    List of Tables
    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

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