Accountancy in Singapore

>> Employment in Singapore

Social Security

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.

Employment of Foreign Personnel

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.

Medical

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.

Payroll taxes

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.


Latest version updated 1st November 2017

Country Breakdown

5.607

Million

Population

S$

Singapore Dollar

Currency

$ 297

Billion

GDP

719.1

km2