Customers that want to recruit workers and manage payroll in Singapore may do so via Globalization Partners, which offers outsourced global employment services. With our all-encompassing solution and Global Employer of Record approach, clients may outsource their payroll processing to us in Singapore while we take care of their HR needs, tax filings, and compliance monitoring. In compliance with Singapore's employment regulations, we use Globalization Partners to recruit candidates and add them to our local payroll. This person will serve as our client's "designated manager," acting as your representative and representative in Singapore just as if he or she were an employee of your own company. For your peace of mind, we take care of all the legal and financial negotiations in Singapore so that your employees may concentrate on running the business as usual.

Located in Southeast Asia, just north of the equator, lies the city-state of Singapore. The country's 5.5 million residents pack its 278 square miles, making it the third most populous by population density. The World Bank ranks Singapore as the best place to launch a company. The Gross Domestic Product (GDP) of Singapore is USD 397 billion, expanding by 7.6 percent annually, while the unemployment rate is 3.6 percent. Electrical equipment, machinery, chemicals, medical equipment, and plastics are among Singapore's most popular exports.

The following are some of the most common perks offered to employees in Singapore, which may be good to bear in mind while negotiating a Singaporean employment contract and offer letter:
Singaporean Employment Agreements

A solid written employment contract outlining the remuneration, benefits, and termination obligations of the employee is recommended in Singapore. The pay and any other benefits offered in an offer letter or job contract in Singapore should be stated in Singapore dollars rather than a different currency.

This data is given as a convenience and is not meant to replace professional advice.
Timing of Singaporean Workdays

Weekly hours worked must not exceed 44. While working 5 days or less per week, employees should not work more than 9 hours each day. Regular employees (those who put in 5 or more days per week) should not put in more than 8 hours each day.

Depending on whether they are considered a non-workman or a workman and whether or not their income exceeds the statutory ceiling, employees may be eligible for overtime at a rate of 1.5 times their ordinary compensation.
Spending time off in Singapore

Singapore recognizes ten different holidays as national holidays.

Day One of the New Year
The Lunar New Year (2 days)
It's Good Friday
Happy Full Moon Festival, or Hari Raya Puasa
Vesak Day, or Labour Day
Observance of the National Holiday of Hari Raya Haji
Deepavali
Holiday Season

Weeks off in the Lion City

While 14 days of vacation is the industry standard, high-level executives may ask for more (3-4 weeks). The minimum required by law is 7 days, with an extra day added for each year of service up to the eighth year. The statutory minimum continues at 14 days beginning with the eighth year of service.
Emergency Medical Leave in Singapore

Generally speaking, workers are eligible for sick days if and only if:

they have been employed by the firm for at least three months, they have notified the company within 48 hours of their absence, and their sick leave has been validated by either the company doctor or a government doctor.

The tenure of employment determines the annual allotment of paid sick days. If you've worked for the company for at least six months, you're entitled to 14 days of outpatient, non-hospitalization leave and 60 days of hospitalization leave, which includes the 14 days of outpatient leave.

The following schedule of paid time off applies to employees with fewer than six months of employment.

Leave for Illness in Singapore Leave for Birth or Adoption in Singapore

If the following conditions are met, the female employee is eligible for 16 weeks of paid maternity leave:

she has been employed by the company for at least three months and has given at least one week's notice that she will be taking maternity leave; her kid is a citizen of Singapore.

The first eight weeks of leave for the first two pregnancies are covered by the company, while the second eight weeks are covered by the government. When it comes to subsequent pregnancies, the government foots the bill for the full leave.

Beginning of 1 July 2017, husbands and wives may split maternity leave up to four weeks long, at a cost of SGD2,500 each week.

Paid maternity leave is not provided to employees who have worked for their current employer for less than three months.

Typically, the government will pay for a father to take off work for two weeks to be a stay-at-home dad if he meets one of the following

His kid is a Singaporean citizen, he has been continuously working for at least three months prior to the birth, and he is or was legally married to the mother of the child for the nine months between conception and delivery.

Maximum weekly paternity compensation is SGD2,500.

Adoptive mothers are eligible for 12 weeks of paid leave. When an employee has taken four weeks of adoption leave for the first two children, the government will begin to compensate the employee's employer. The 12-week period is fully reimbursable for employers who have adopted several children.
The Singapore Healthcare System

Although the government guarantees coverage for everyone, some employers go above and above by offering their workers access to private health plans.
Bonuses and Perks for Residents of Singapore

Smaller businesses may provide an allowance in place of arranging insurance for their leaders, despite the fact that most executives ask for additional health and life coverage.

Executives working for US IT firms in Singapore often ask for stock options.

In Singapore, the CPF allocation is part of the employer's overall cost of providing benefits to an employee, hence it is recommended that employees set aside an additional 20% of their gross pay for benefits.
In Singapore, You Can Retire

In Singapore, workers must retire at the age of 63, but their employers are required to rehire them until they reach the age of 68 if they meet the following conditions:

has worked for the company for a total of at least two years prior to reaching retirement age (63), is a citizen or permanent resident of Singapore, and can do the job effectively

The Senior Employment Credit (SEC) is a salary reimbursement program for businesses that hire people aged 55 and over.
Bonuses

It is not mandatory in Singapore, but the market standard, to provide a 13th month or yearly bonus. To compensate for this, a salesperson's employer may switch to a commission-based compensation structure. If the economy is doing well, a yearly bonus may be worth two to three months' wages.
Severance/Termination in Singapore

In most cases, an employee's notice period is reduced from its usual length during the three to six month probationary term that is often included into an employment contract. There is no law requiring this.

The standard notice period is one month, however this may be negotiated between the company and employee. Unless otherwise stated in the employment contract, the following applies to the notice period:

Severance/Termination in Singapore
The Singapore Tax System

In Singapore, CPF (Central Provident Fund) is the primary source of government-mandated benefits and social security costs. Benefit costs paid into the Central Providence Fund by the employer range from 0% to 17% of base pay and are tax deductible to the extent allowed by law. One may compare CPF to a pension.

As a result of the COVID-19 epidemic, the Singaporean government has made it clear that CPF payments are not necessary for reimbursements of expenditures incurred as a result of the pandemic, such as home office equipment. Due to the epidemic, many businesses have been unable to make their required contributions to the Central Provident Fund (CPF).
How Collaboration in Globalization Benefits Everyone

It might be difficult to find and retain qualified workers and to administer employee benefits in Singapore. With the help of Globalization Partners, you can streamline the time it takes to hire and onboard new employees and pay them with a single monthly invoice. As the company's Global Employer of Record, we handle the employee's expenditure reports, personal income tax matters, and the setup of the employee's statutory local benefits with the streamlined efficiency of a business that has done this hundreds of times before. Instead of worrying about dealing with bureaucracy from afar, you can rest easy knowing that payroll and benefits will be handled just as they would be for any local firm, allowing your staff to concentrate on the duties for which they were employed.

Whether you are interested in our Singapore PEO service, payroll services, or recruitment services, we would be pleased to speak with you. To get in touch with us, please.