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.
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Table of Contents
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
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Employee and employer contributions
6.4 Medical Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Payment options
6.4.4 Typical employer practice
6.4.5 Employee and employer contributions
6.4.6 Taxation
6.5 Workmen’s Compensation Insurance
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Employee and employer contributions
6.5.6 Taxation
6.6 Maternity and Paternity Benefits
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Family Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.8 Minimum Resources
6.8.1 General system
6.8.2 Miscellaneous benefits
6.9 Unemployment Benefits
6.9.1 Introduction
6.9.2 Retrenchment benefits
6.9.3 Other benefits
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Singapore - Country Statistics
Table 3: Singaporean CPF Contribution Rates
Table 4: Singaporean CPF Contribution Rates
Table 5: Singaporean CPF Contributions - Distribution to Accounts in 2016
Table 6: Singaporean Draw-Down Age to Receive Annuities
Table 7: Singapore - Minimum Sums to be Retained in a Retirement Account
Table 8: Enhanced Retirement Sum
Table 9: Basic Retirement Sum
Table 10: Singaporean ComCare Public Assistance - Cash Grants
Table 11: Singaporean IDAPE Monthly Payouts
Table 12: Singaporean Medisave Withdrawal Limits
Table 13: Singaporean MediShield Claim Limits
Table 14: Singaporean MediShield Life Claim Limits
Table 15: Singaporean Medical Leave Wages
Table 16: Singaporean Workmen’s Compensation - Higher Compensation Limits
Table 17: Singaporean Enhanced Baby Bonus Cash Gift
Table 18: Singaporean CDA Government Contribution Maximum Limits
Table 19: Singaporean CHAS Subsidies
Table 20: Singaporean Government Guidelines for Retrenchment Notice
Table 21: Singaporean WIS Maximum Payout
List of Figures
Figure 1: Singapore - Main Institutions of Social Security System
