Government Type: Parliamentary republic
Currency: Singapore Dollar (SGD)
Languages: English (official), Mandarin (official), other Chinese dialects, Malay (official), Tamil (official)
GDP Per Capita: 49,100 USD (2018)
Main Business sectors:
Financial Sector: 69%
Wholesale & retail trade: 10%
Real Estate: 5%
Employment Rate: 96%
Higher Education Rate: 57%
Average monthly salary: 5,549 SGD
Employee Income Tax: 2-22% according to salary
Mandatory paid vacation days: 7-14 days per annum
Singapore is a high-income economy. The country provides one of the world’s most business-friendly regulatory environment for local entrepreneurs and is ranked among the world’s most competitive economies.
In the most recent World Bank Human Capital Index, Singapore ranks the best country in the world in human capital development. With substantial financial support from the government, the country continues to strengthen its workforce’s nimbleness and flexibility by providing continuing education. Government spending on continuing education will nearly double, to more than S$1 billion yearly.
Global People has a significant advantage in the Singaporean market, thanks to:
Global people’s services include:
The Employment Act is Singapore’s main labor law. It provides for the basic terms and working conditions for all types of employees, with some exceptions.
This law applies to all employees in Singapore and includes a set of rules, regulations and case law.
The employment agreement must comply with the Singaporean employment act and other regulations while detailing all employment conditions:
Total Employment Cost: up to 17.25%
Mandatory Paid leave days
1 employment year: 7 days
2 years: 8 days
3 years: 9 days
4 years: 10 days
5 years: 11 days
6 years: 12 days
7 years: 13 days
8 years or more: 14 days
Parents to children under the age of 7 are entitled to 6 days of paid leave per year.
Employees in Singapore view paid Medical Insurance policy as a valuable benefit. The Medical Insurance Policy usually includes inpatient and outpatient treatments in selected clinics (according to the medical panel and annual cap of the relevant health insurance plan).
The private medical insurance can be upgraded with international coverage; vision, maternity, and dental covers.
Most employers grant employees additional paid leave days, which amount to 14-20 annual days yearly.
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