In Singapore, the Central Provident Fund (CPF) is a compulsory savings plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing needs. Both employers and employees must make monthly contributions to CPF according to the rates prescribed by the CPF Board. The CPF is like a defined contribution scheme.
A foreigner who wants to work in Singapore requires a valid work pass/ permit. Until the pass/permit is issued, the foreigner cannot commence employment in Singapore.
Singapore has excellent health care facilities. Singapore citizens and permanent residents are entitled to subsidised healthcare services provided through government healthcare facilities. For non-Singaporeans, private healthcare facilities are available.
In Singapore, the employers may provide for healthcare insurance and cover the medial cost of the employee.
Employers must contribute a Skills
Development Levy for all employees (including full-time, casual, part-time, temporary, and foreign employees rendering services wholly or partly in Singapore) up to the first $4,500 of each employee’s total monthly wage at a levy rate of 0.25%, subject to a minimum of $2. The total monthly wage includes any salary, commission, bonus, leave pay, overtime pay, allowance and other payments in cash.