Employee Benefits in Singapore

Published: Dec, 2014 | Pages: 61 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth industry analysis, information and insights into employee benefits in Singapore, including:

 An overview of state and compulsory benefits in Singapore

 Detailed information about private benefits in Singapore

 Insights into various central institutions responsible for the administration of the different branches of social security 

 The regulatory framework for employee benefits in Singapore

Summary
The Republic of Singapore's social security system is founded on principles of self-provision and self-reliance; the country's government limits its expenditure on social security schemes. The government's policy has been that each generation must earn and save enough for their entire life cycle, with each individual being responsible for their own financial sustenance after their retirement. The Central Provident Fund (CPF) is a key component of Singaporean social security system. Most mandatory and state-sponsored benefits are limited to nationals and permanent citizens of the country.
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 benefits, long-term disability, medical benefits, workmen's compensation, maternity and paternity benefits, family benefits, minimum reources, unemployment, other benefits and private benefits

 It highlights the economic and regulatory situations relating to employee benefits in Singapore
Reason To Buy
 Make strategic decisions using in-depth information related to employee benefits in Singapore

 Assess the 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
Key Highlights
 The Central Provident Fund (CPF) plays an important role in Singapore's social security system.

 The CPF addresses employees' retirement, medical, housing and education needs.

 Numerous means-tested assistance programs provided by the Ministry of Social and Family Development and Ministry of Health cater to the needs of disabled people and lower-income groups.

 Since 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. Employees are given an option to choose benefits that are suitable for them.

 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 plans
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
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
6.9.1 Introduction
6.9.2 Retrenchment benefits
6.1 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 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP at current prices (US$)
8.1.3 GDP by key sector
8.1.4 Inflation rate
8.1.5 Annual average exchange rate US$-SGD
8.1.6 Unemployment rate
8.1.7 Household consumption expenditure
8.1.8 Gross national disposable income
8.2 Demographics
8.2.1 Labor force
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer


List of Tables
Table 1: Definitions
Table 2: Singapore - Country Statistics
Table 3: Singaporean CPF Contribution Rates From January 1 to December 31, 2014
Table 4: Singaporean CPF Contribution Rates From January 1 to December 31, 2014
Table 5: Singaporean CPF Contributions - Distribution to Accounts in 2014
Table 6: Singaporean Draw Down Age to Receive Annuities
Table 7: Singapore - Minimum Sum to be Retained in Retirement Account
Table 8: Singaporean ComCare Public Assistance - Cash Grants
Table 9: Singaporean IDAPE Monthly Payouts
Table 10: Singaporean Medisave Withdrawal Limits
Table 11: Singaporean MediShield Claim Limits
Table 12: Singaporean Medical Leave Wages
Table 13: Singaporean Medical Expenses Maximum Limits
Table 14: Singaporean Workmen's Compensation For Permanent Incapacity and Death
Table 15: Singaporean Enhanced Baby Bonus Cash Gift
Table 16: Singaporean CDA Government Contribution Maximum Limits
Table 17: Singaporean CHAS Subsidies
Table 18: Singaporean Government Guidelines for Retrenchment Notice
Table 19: Singaporean WIS Maximum Payout