Singapore

Last Update by Julie, 06 Oct 2024

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Exchange Rate

10 Oct 2024

 

Cost of Living

Indicative value for a working adult in a city: Singapore

Publicly available data (Numbeo, etc..), verified by Marco’s in-country staff

Living Requirement Indicative Amount (SGD)
McDonalds Set Meal 9.50
Monthly Train and Bus Tickets 140
3 Bedrooms Rental (City Center) 8,000
3 Bedrooms Rental (Outskirt) 4,800

Current Inflation Rate

3.6%

Wage

Minimum Wages

  • No statutory minimum wage
  • Typical practice: No lower than SGD2600

Median Salary

Estimated based on general positions such as HR, Accounting, Admin roles, in tier one cities.

Job Level Monthly Salary (SGD)
Entry-Level
Fresh Graduate
 3,300
Mid-Level
5 Years
 5,500
Experienced & Managerial Level
10 Years
 11,000
Specialized & Senior-Level
15 Years
 > 15,000

Annual Salary Growth

4%

Statutory Contribution

Country Level

Type Employer Rates Employee Rates Notes
Central Provident Fund (CPF) 17%, capped at salary SGD6800. 20%, capped at salary SGD6800. Citizens and Permanent Residents
Skills Development Levy (SDL) 0.25%, between 2 - SGD 11.25, capped at salary SGD4500. - Citizens, Permanent Residents, and all Passes holders.
Foreign Worker Levy (FWL) From SGD 250 - SGD 900/ month - Apply to Skilled Pass/Work Pass holders only.
No levy for Employment Pass holder.
Self-Help Group Funds (SHGs) - Varies based on salary: between SGD 0.50 – SGD30.00 All staff, can choose to opt out.

Other Benefit

Other common employment benefits in Singapore include:

  • Group Additional Insurance: premium from SGD100/month.
  • Transport Allowance:
    - Sales positions: SGD800-1,000/month
    - Non-sales positions - SGD50/month
  • Mobile Allowance:
    - Sales positions - SGD200 - SGD300/ month
    - Non-sales positions - SGD20 / month

Income Tax

Residents

  • Tax period: 1 Jan till 31 Dec of the previous year.
    Tax filing start date: 1 Mar of the following year.
    Tax filing due date: 15th Apr (paper filing) and 18th Apr (e-filing) of the following year.

Country Level

Taxable Income Rate
0 - 20,000 0%
20,000 - 30,000 2%
30,000 - 40,000 3.5%
40,000 - 80,000 7%
80,000 - 120,000 11.5%
120,000 - 160,000 15%
160,000 - 200,000 18%
200,000 - 240,000 19%
240,000 - 280,000 19.5%
280,000 - 320,000 20%
> 320,000 22%

Non-residents

  • Employment income of non-residents is taxed at the flat rate of 15% or the progressive resident tax rates, whichever is the higher tax amount.

Working Hours

Statutory

44 hours
up to 9 hours a day, 5 days a week
up to 8 hours a day, 6 days a week

Typical practice

40 hours
9 - 6 pm, Monday- Friday

Overtime

Applies to:
- Blue-collar: basic salary up to SGD4,500/month
- White-collar: basic salary up to SGD2,600 SGD/month

  • - Daily working hours capped at 12 hours, monthly overtime hours capped at 72 hours
    - Hourly overtime pay: 1.5 x (Basic Monthly Salary x 12) / (52 weeks x 44 hours)
    - Public Holidays = (12 x Monthly basic rate x Public holidays worked) / (52 x Average number of work days in a week), or given time off in lieu

Employment Contract

Permanent

Contract Format

Can be verbal, otherwise contracts are written in English commonly issued within 14 days of the employment start date

Payroll Currency

SGD, USD (may be used in certain circumstances)

Probation

3 - 6 months

Contract Period

No minimum duration

Termination

  • Notice during probation:
    - 1 weeks' service: 1 day
  • Voluntary resignation and Involuntary termination for staff and employers:
    - Notice includes during probation
    - Under 26 weeks' service: 1 day
    - 26 weeks- under 2 years' service: 1 week
    - 2 years - under 5 years' service: 2 weeks
    - Over 5 year's service: 4 weeks
  • Severance:
    - No severance for staff with under 2 years' service
    - Unionised companies: 1 month’s salary for each year of service
    - Non-unionised companies: min 0.5 months of basic salary + fixed allowances for each year of service

Public Holiday

  • 11 days

Public holidays that fall on non-working days, staff get time off in lieu.

Country Level

Date Name
01 Jan New Year's Day
10 Feb - 12 Feb Chinese New Year's Day
29 Mar Good Friday
10 Apr Hari Raya Puasa
01 May Labor Day
22 May Vesak Day
17 Jun Hari Raya Haji
09 Aug National Day
31 Oct Deepavali
25 Dec Christmas Day

Leave

Employees are entitled to statutory leave once they have worked for the employer for at least 3 months.

Leave Type Entitlement Notes
Annual Leave Minimum 7 working days
up to 14 working days after each completed year of service 		All staff after 3 months' service
Sick Leave / Hospitalization Leave 14 working days for paid sick leave (SL)
60 days for paid hospitalization leave (HL)- includes 14 days of sick leave. 		All staff after 3 months' service
3 months' service: – 5 days SL, 15 days HL.
4 months' service – 8 days SL, 30 days HL.
5 months' service – 11 days SL, 60 days HL.
6 months' service – 14 days SL, 60 days HL.
Maternity Leave 16 weeks (citizen baby)
12 weeks (non-citizen baby) 		Expectant mothers, with 3 months continuous service before the child is born
Shared Parental Leave - 4 weeks.
- 6 weeks (from 1 - April 2025).
- 10 weeks (from 1 April 2026). 		Expectant fathers with 3 months continuous service before the child is born.
Paternity Leave 2 weeks
Additional 2 weeks subject to employer's agreement 		Expectant fathers with 3 months continuous service before the child is born.
Childcare Leave 6 working days (citizen baby)
2 working days (non-citizen baby) 		All staff after 3 months' service with children under 7 years old.
Adoption Leave 12 weeks (citizen baby, within 6 months of adoption) Adoptive mothers after 3 months' service with adoption of child below 12 months old.
Extended Childcare Leave 2 working days (citizen baby) Parents after 3 months' service with children 7-12 years old.
Unpaid Infant Care Leave 6 working days (citizen baby) Parents after 3 months' service with children below 2 years old
National Service Leave up to 40 days, depending on duration of training. Men in military reserve, who are called upon for training.

Reference

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