Singapore

Last Update by Phil, 07 Jun 2024

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Exchange Rate

13 Jun 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 2,600 SGD

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) & & salary ceiling capped: 6800 SGD / month 17% 20% Citizens and Permanent Residents
Skills Development Levy (SDL) 0.25%, between 2 - 11.25 SGD
Salary base capped at 4,500 SGD
- Citizens, Permanent Residents, and all foreigners
Foreign Worker Levy (FWL) From 250 -900 SGD / 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 0.50 – 30 SGD All staff (opt out possible)

Other Benefit

Other common employment benefits in Singapore include:

  • Group Additional Insurance: premium from 100 SGD / month
  • Transport Allowance:
    - Sales positions: 800-1,000 SGD / month
    - Non-sales positions - 50 SGD /month
  • Mobile Allowance:
    - Sales positions - 200 - 300 SGD / month
    - Non-sales positions - 20 SGD / 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) & 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

  • Flat rate of 15% or same rate for residents whichever is higher.

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
Monday- Friday/ Monday- Saturday

Overtime

Applies to:
1. Blue-collar: basic salary up to 4,500 SGD basic / month
2. White-collar: basic salary up to 2,600 SGD / month
3. Executive, managerial or senior roles: basic salary more than 4,500 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

Probation

  • 3 - 6 months

Termination

  • Statutory notice:
    - 26 weeks' service: 1 day
    - From 26 weeks- less than 2 years: 1 week
    - 2 years up to 5 years' service: 2 weeks
    - 5 year's service: 4 weeks
  • Notice period:
    - 1 day - 1 month depending on length of service
    - During probation: 1 weeks' service: 1 day
    - After probation: 1 month notice or salary in-lieu
  • Severance:
    - No severance for staff with less than 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 hospitalisation 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 Sharing with wife/partner on maternity leave 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 <7 years old
Adoption Leave 12 weeks (citizen baby, within 6 months of adoption) Adoptive mothers after 3 months' service with adopted children 0-11 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 <2 years old
National Service Leave <40 days, depending on duration of training Men in military reserve, who are called upon for training

Reference

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