Benchmarking Employee Benefits in Singapore 2019

Benchmarking employee benefits in Singapore

Request Asinta’s Market and Benchmark Insight Report for Singapore and get the essential information you need to move forward in your decisions about employee benefits in the country. The report reviews statutory benefits, insured benefits, fringe benefits and perks, plan setup, and onboarding.

The following is an excerpt.

This 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.

 

If you have further questions about benchmarking employee benefits in Singapore, please contact Asinta and we will put you in touch with Galaxy.