Employee benefits & policies in Singapore

With so many employee benefits options in Singapore, how do you choose the right benefits for your team?

Ben character at his computer

Employee benefits & policies in Singapore

We’ve done the heavy lifting for you and created a handy guide to employee benefits in the Singapore.

To help you choose the perfect package for your team, we’ve outlined what counts as a:

  • statutory requirement
  • standard benefit
  • great benefit
Question mark
Benefits policies - company policies that involve employee benefits e.g., holidays, flexible working, maternity/paternity, etc.
📝
Statutory
☑️
Market Standard
🌟
Great

Holidays

📝
Statutory

Not applicable

Minimum 7 days

👏
Competitive

It is common for employers to offer 14 - 28 days annual leave

👏
Above & Beyond

Unlimited holiday

Flex working

📝
Statutory

Not applicable

👏
Competitive

Employees value flexibilie work arrangments highly, and this is a great way to reduce employees’ overall stress and improve well-being

👏
Above & Beyond

Sick leave

📝
Statutory

Not applicable

Minimum 14 days outpatient leave, 60 days hospitalisation leave

👏
Competitive
👏
Above & Beyond

Unlimited paid sick leave

Maternity

📝
Statutory

Not applicable

For 16 weeks of paid maternity leave, the employee is entitled to receive her usual salary, up to a cap. The employer can claim reimbursement for a portion of the employee's salary from the government.

👏
Competitive

Some employers offer extended paid maternity leave. 

👏
Above & Beyond

Some employers offer extended paid maternity leave and other support such as childcare subsidies, lactation rooms, and flexible work arrangements.

Paternity

📝
Statutory

Not applicable

Fathers are entitled to 2 weeks of paid paternity leave. There is the possibility to share some of the maternity leave weeks. 

👏
Competitive

Some employers offer extended paid paternity leave. 

👏
Above & Beyond

Some employers offer extended paid maternity leave and other support such as childcare subsidies, lactation rooms, and flexible work arrangements.

Other

📝
Statutory

Not applicable

Six days childcare leave for parents of children under the age of 7. The first 3 days are employer-sponsored and days 4-6 are government-sponsored.

👏
Competitive
👏
Above & Beyond
Question mark
Core benefits -  traditional employer-paid benefits products e.g., insurances (health/life) and pension with core coverage
📝
Statutory
☑️
Market Standard
🌟
Great

Medical

📝
Statutory

Not applicable

All Singaporeans and permanent residents have basic health insurance coverage with MediShield Life and the premiums are paid through your CPF MediSave account. This plan covers:

  • B2/C-type hospital wards
  • Lifelong coverage, including pre-existing conditions
👏
Competitive

Many employers provide Integrated Shield Plans (IPs) to enhance the MediShield coverage. The MediShield Life component of the IP is fully payable by MediSave. The additional private insurance component is also payable by MediSave, but only up to withdrawal limits dependent on age. This additional private insurance covers:

  • Private hospitals & A/B1-type wards in  public hospitals.
  • Higher annual claim limits
  • Claims for pre and post hospitalisation treatments
  • Choice of doctors
  • Shorter waiting times
👏
Above & Beyond

IP riders are add-ons to your IP. While your Medishield Life and IP are payable by MediSave, IP riders have to be paid in cash. There are a range of riders available; some offer a cash allowance for each day you are hospitalised. Some IP riders reimburse the deductible and co-insurance which is not covered by the IP, covering a larger portion of your hospital bill.

Life insurance

📝
Statutory

Not applicable

Basic life insurance is covered by the Central Provident Fund (CPF)

👏
Competitive

In addition to the CPF’s basic coverage, members can flex up to additional coverage through schemes such as the Dependants' Protection Scheme (DPS) and the ElderShield Scheme, which provide additional protection to members and their families in the event of death or disability.

👏
Above & Beyond

Some employers offer private group insurance policies to the entire company or individual policies to select employees, such as those in senior management positions or those who work in high-risk occupations. These policies may offer higher coverage amounts than what is available through the CPF.

Pension

📝
Statutory

Not applicable

Singapore has a mandatory Central Provident Fund (CPF) system, which requires employers to contribute to employees' retirement savings

👏
Competitive

In addition to the CPF, some companies offer additional retirement benefits, such as pension plans or employee stock ownership plans (ESOP)

👏
Above & Beyond
Question mark
Supplemental benefits - contemporary benefits to give your benefits package an edge e.g., flex allowances & salary sacrifice options
📝
Statutory
☑️
Market Standard
🌟
Great

Wellbeing

📝
Statutory

Not applicable

👏
Competitive

Some kind of counselling such as Employee Assistance Programs (EAPs)

👏
Above & Beyond

Many employers offer further wellness programs such as subsidised or fully funded gym memberships, yoga or fitness classes, wellness seminars, or wellness challenges.

Work related travel

📝
Statutory

Not applicable

👏
Competitive
👏
Above & Beyond

Relocation assistance, commute support

Other

📝
Statutory

Not applicable

👏
Competitive
👏
Above & Beyond

Equity, cash bonus

What are the tax implications of employee benefits & policies in Singapore

Tax is a tricky one - especially with a global team to manage. Our tax guide simplifies the tax implications of various employee benefits in Singapore for you.

We’ve narrowed down how employee benefits affect:

  • Tax reporting
  • Employer tax
  • Employee tax
Question mark
Benefits policies - company policies that involve employee benefits e.g., holidays, flexible working, maternity/paternity, etc.
📝
Tax Reporting
👩‍💼
Employer Tax
👫
‍Employee Tax
No items found.
Question mark
Core benefits -  traditional employer-paid benefits products e.g., insurances (health/life) and pension with core coverage
📝
Tax Reporting
👩‍💼
Employer Tax
👫
Employee Tax
No items found.
Question mark
Supplemental benefits - contemporary benefits to give your benefits package an edge e.g., flex allowances & salary sacrifice options
📝
Tax Reporting
👩‍💼
Employer Tax
👫
Employee Tax
No items found.

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