Singapore dominates the world with its tech innovations and stable economy over the years. They remain to have the freest economy in the world, with a freedom score of 89.7. Their business-friendly regulatory environment has provided their people with jobs, resulting in a very low unemployment rate.
Despite the lack of natural resources and a small domestic market, Singapore managed to stay on top of its economic success through exports in electronics, manufacturing, financial services, and tourism. This has driven a high demand for tech and digital professionals to explore opportunities within the country.
Number of University Graduates (2020):17,534 *
More information about job portals in Singapore can be found here.
More information about recruitment agencies in Singapore can be found here.
for local hires, employer payroll taxes are capped at $1,020 for salaries above $6000.
For CPF, the maximum amount of wage charged for cpf is $6000, and then 30k on additional wage (i.e 12*monthly salary – 6000*12, remaining is now the cap for bonus contribution to cpf contribution.)
Singapore follows a progressive income tax model. Link to income tax.
An employee has to pay compulsory Medisave contribution (health insurance) if their monthly net trade income is more than $500.
Singapore has no minimum wage policy.
Employees are paid monthly, within 7 days of the end of salary period.
13th month salary
A 13th month bonus is not mandatory.
For 5 days or less a week: Up to 9 hours per day or 44 hours a week
More than 5 days a week: Up to 8 hours a day or 44 hours a week
Not allowed to work more than 12 hours a day unless:
Up to 72 overtime hours, otherwise apply for exemption.
Payable within 14 days and capped at SGD$13.50/hr:
For non-workman (white collar worker) earning up to $2600: 1.5x of hourly wage
For workman (blue collar worker) earning up to $4500: 1.5x of hourly wage
At employer’s request:
At employee’s request:
There are 11 public holidays in Singapore. A list can be found here.
Specified in contract. Number of days include Public Holidays, rest, and non-working days.
Severance pay is not mandatory, unless specified in contract and employed for at least 2 years.
A Probation period is not mandatory for employees.
In Singapore, Work injury compensation becomes mandatory for employees who are engaged in a particular industry or nature of work. Employers are obligated to provide this insurance which covers the employees’ medical expenses when injured at work,at least 14 days of outpatient leave or 60 days of hospitalisation leave. According to the Work Injury Compensation Act (WICA), the following types of workers must be given this benefit:
Under Singapore’s employment act, employers are not mandated to provide healthcare insurance for their constituents. Singapore citizens and foreigners with permanent residency working in the country are automatically provided with a low-cost insurance called Medishield. Funds for this insurance are taken from the Central Provident Fund that Singapore employees are contributing monthly. Each employee is to contribute a total of 37% of their wage: 20% will come from the employee and 17% from the employer. For more information regarding this fund scheme, you may refer here.
Singapore offers an Employee Share Ownership, a type of ESOP that allows employees to own or buy shares from their company and its sister companies. But unlike most ESOP, ESOW does not include phantom shares (receiving company shares or its cash equivalent) and share appreciation rights (receiving cash payments that are relative to the price of shares in the company). To know more about this employee benefit, you may click through this link.
The Goods and Services Tax/ VAT in Singapore if 7%.