All About Offering Employee Benefits in Singapore
Hire the best talent in Singapore with the information you need to offer a competitive benefits package and stay compliant.
Required Benefits in Singapore
Singapore’s social security system provides Singaporeans with universal healthcare access, but offering extra perks can still help employers attract top talent. An EOR like Justworks can offer guidance and provide access to local benefits, all while helping small businesses save time and resources by skipping the need to establish a local entity. Let’s dive into what employers are required to offer.
Central Provident Fund
Employers make mandatory contributions to the Central Provident Fund (CPF), Singapore’s social security system. Access is limited to Singaporean citizens and permanent residents.
Time Off
All employees in Singapore are entitled to seven days of paid vacation during their first year of employment. After the first year, they’ll receive one additional vacation day per year, up to 14 days.
Work Injury Compensation
All employers must make contributions that fund workers’ compensation for employees who get injured or fall ill on the job.
Retirement and Re-Employment
In Singapore, the retirement age is 63, but re-employment extends work opportunities for older employees until they turn 68. Employers are encouraged to offer fair re-employment terms, helping ensure that experienced employees can continue to apply their skills and knowledge. This policy helps promote an inclusive and sustainable work environment for all ages.
Singapore Offer Competitive Benefits
A robust employee benefits package can be a powerful recruitment tool. Consider offering the following additional perks.
Wellness Programs
Employers may also offer wellness programs to promote employee health and well-being. This can include perks like gym membership stipends, wellness workshops, mental health support, and company-led initiatives to encourage healthy lifestyle choices.
Financial Benefits
Employers may also enhance their employee benefits package with supplemental financial benefits. Common options include offering bonuses, profit-sharing plans, stock options, employee shares, and retirement savings contributions beyond mandatory contributions.
Employee Assistance Programs
Employee assistance programs provide confidential counseling and support services to employees and their families. Services cover personal and work-related issues like mental health, financial planning, and stress management.
Ready to Offer Benefits in Singapore?
Justworks EOR makes building your global team seamless by helping you access localized benefits to attract top talent in Singapore. Simplify international hiring today.
