Singapore, as a highly developed economy, is globally recognized for its employment advantages. As an international business hub, Singapore's statutory benefits are also well-established. This article will introduce some of Singapore's statutory benefits, helping you gain a better understanding of the country's employment landscape.

I. Paid Annual Leave

According to Singapore labor laws, all employees have the right to enjoy paid annual leave. Employees become eligible for 7 days of annual leave after working continuously for 3 months with a progressive increase. Subsequently, for every 12 months, employees can accrue more paid annual leave, up to a maximum of 21 days.

II. Sick Leave and Medical Insurance

Singapore's laws stipulate that all employees have the right to sick leave and medical insurance. Employees can enjoy 14 days of sick leave after working continuously for 3 months. If an employee requires a more extended sick leave, they can apply to the company.

Additionally, Singapore has a system called the "MediShield Life" plan. This plan aims to provide coverage for hospitalization and surgical expenses. All companies are required to purchase medical insurance for employees, ensuring proper medical coverage when needed.

III. Public Holidays

Singapore observes 11 public holidays, including New Year, Chinese New Year, Labor Day, National Day, and more. All employees have the right to enjoy these public holidays without the need to work.

IV. Retirement Savings Plan

Singapore operates a system called the "Central Provident Fund (CPF)," designed to provide retirement savings for employees. The CPF requires both employers and employees to contribute a certain percentage of salaries. These funds are then invested in stocks, bonds, and other instruments to achieve asset appreciation.

V. Work Injury Insurance

Singapore's laws mandate that all companies must purchase work injury insurance for employees. This insurance aims to provide coverage for employees who are injured or fall ill during work. If an employee is injured or falls ill due to work-related reasons, they are entitled to medical expenses and unemployment compensation.

VI. Other Benefits

In addition to the mentioned benefits, Singapore has several other welfare systems, such as:

- Elderly Allowance: Providing financial support for individuals aged 65 and above.

- Unemployment Relief: Offering financial support for the unemployed for a certain period.

- Welfare Funds: Established by companies to provide additional welfare support for employees.

In Conclusion

As a highly developed economy, Singapore boasts a comprehensive statutory benefits system. These systems aim to provide employees with holistic coverage and ensure they receive appropriate support when needed. If you are an overseas employer, understanding these benefit systems will help you better manage your employees in Singapore.

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