Singapore: Employee Benefits Update

The following changes in employee benefits in Singapore have been reported back by local Asinta Partner Galaxy Consultants.

Legal/Legislative Changes

  • Starting on January 1, 2017, employers will be required to provide fathers of citizen children with two weeks of paternity leave. To be eligible, the child needs to have been born on or after January 1, 2017. The current amount of paid paternity leave required by law in Singapore is 1 week.
  • Businesses are now able to claim a 250% tax deductions on wages and some expenses incurred when their employee volunteer in Institutions of Public Character (IPCs). This deduction is applicable to volunteer services provided between July 1, 2016 and December 31, 2018.

Market Trends

  • Growth in the local workforce is expected to slow in the future, due to employment related immigration controls and an ageing population.
  • Pro-family benefits and wellness are becoming key considerations when structuring benefits.

Are you considering doing business in Singapore? Do you already conduct business in Singapore, but have questions regarding employee benefits? Send your questions or comments to Asinta Partner Galaxy Inurance Consultants. They are experts in employee benefits in Singapore and can get all of your questions answered.