Employer of Record Singapore
Singapore Employee Benefits
Employer of Record Singapore
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Central Provident Fund (CPF) – Retirement
The CPF is a mandatory social security savings scheme funded by contributions from employers and employees. The CPF is a key pillar of Singapore’s social security system with the objective of ensuring adequate retirement, housing and healthcare needs. Employers and employees make monthly contributions to the CPF. These contributions are channelled into 3 accounts:
|Ordinary Account||Primarily for retirement and housing needs.|
|Special Account||Primarily for retirement needs.|
|MediSave Account||Primarily for healthcare needs.|
Higher earning individuals would usually expect to be offered more than the minimum employer contributions as part of their employment offer.
Contributions to CPF are as below;
|Age||Employer contribution (% of salary)||Employee Contribution|
|55 and below||17%||20%|
|55 to 60||14%||14%|
Singapore Healthcare Benefits
Medishield – Healthcare Provision
Basic health insurance protection is afforded to working professionals who are Singapore Citizens or Permanent Residents by means of Medishield, a low-cost medical insurance.
A specific percentage of payments made to the CPF, the employee’s retirement fund, are automatically transferred to the employer’s Medisave account. The Medishield insurance programme aids Medisave account holders and their families in covering the expense of medical care for serious illnesses or old age.
With private healthcare, it is not uncommon to have a restriction applied in respect of covering pre-existing conditions. Company-paid premiums are subject to Benefit in Kind (‘P11D’) taxation, and most corporate schemes are “fully insured” with premiums set annually. Treatment is often received faster than through the NHS, and there may be opportunities for the employee to choose to work with a particular specialist.
A nationwide medical savings programme called Medisave was established in April 1984 to assist people in setting aside a portion of their salary into Medisave Accounts to cover future hospitalisation, day surgery, and other outpatient costs for themselves or their immediate families. Every employee who participates in the programme contributes 8% to 10.5% of his monthly salary (based on age group) to a personal Medisave account. The account holder and his immediate family members’ hospital expenditures may be paid out of the funds. An employee typically contributes 8% to 10.5% of their salary to Medisave.
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Frequently Asked Questions
Payrolling the employees is a key part of the service offered by an employer of record company. The EOR will calculate and remit all taxes, social securities and similar payments, on behalf of both employer and employee. The client will be invoiced in advance by the EOR company, for the total cost of the payroll.
Yes. Our clients are free to dictate the structure of the employees’ remuneration including any bonuses or commissions they wish to offer. In some countries, there is a statutory requirement to provide “bonuses”, for example in the form of Christmas or holiday allowances.
Yes. Agility EOR will calculate what pay is due upon termination of an employee, factoring in such things as any untaken leave entitlements.
We find that most of our clients are in the Tech, IT, Finance and Professional Services industries. However, we have acquired the skills, knowledge and experience to help all industries across the globe.
As a private company, we’re not beholden to shareholders or asset-shredding Private Equity targets. We aim to build long-term relationships with our clients. At Agility EOR, our approach is that we never forget that our business is all about people. Our Employer of Record solutions are tailored to each requirement, not a one-size-fits-all tech platform. We do the right thing by our clients and by the laws of each country we operate in. And we believe in openness; if we don’t feel we can offer you the best solution for a specific territory, we’ll say so.
We pride ourselves on our personable-approach so once you enter your new employees details into our dedicated platform, we’ll arrange a call with you to go through the details of the employment contract where together we can review and amend to your requirements. We liaise directly with your employee to build a rapport and obtain the necessary information to hire them compliantly, and set them up ready for their first payroll.
We never stop delivering! Even if you’re employee has been onboarded and is happily working for you and being paid each month, we’re here to partner with you whenever you or your employees need us. Even your ex-employees may need our assistance for tax documents, proof of employment requests etc… Our service never stops!