Benchmarking Employee Benefits in Singapore 2022
Asinta makes beginning benchmarking employee benefits in Singapore for 2022 easy with this Market and Benchmark Insight Report for Singapore – 2022.
Asinta’s Partner in Singapore, Galaxy Insurance Consultants, compiled the information so you can quickly gain confidence in your decisions about which benefits to offer your employees in Singapore.
Updates inside the report for 2022 include:
- Page 5 – It is now mandatory to cover all employees engaging in a manual occupation or earning a monthly salary of S$2,600 or less. While it is not mandatory to cover employees earning above $2,600 who engage in a non-manual occupation, most employers would cover it anyway as they carry the legal liability.
Example of details inside the report
The Central Provident Fund (CPF) is a mandatory benefit in Singapore for Singapore Citizens (SCs) and Permanent Residents (PRs), and it is subject to legislation. Employers must comply with this legislation and auto-enroll eligible employees in their monthly Central Provident Fund (CPF) declarations.
The contributions of the employee and an employer depend on the age and income of the employee. Only the first S$6,000 of monthly wages are taken into consideration for the computation of CPF contributions. The contribution levels for those aged below 55, earning above S$750 per month, is 37% of the basic monthly wage (employer contribution 17%, employee contribution 20%). This is the highest contribution bracket. The contribution levels for those earning less than S$750 per month and/or age 55 and above are lower.
If you have further questions about benchmarking employee benefits in Singapore for 2022, please contact Asinta, and we will connect you with Galaxy’s local benefits experts.