What are the benefits of working in Singapore?
Posted on May 11, 2022
Singapore is situated in the heart of Asia. It is one of the prominent business centers of Asia, which attracts business investment and inspires companies to set up their establishment here. This means that the city offers numerous job opportunities, especially for those looking for an overseas career. Besides the career opportunities, there are other benefits of working in Singapore.
Attractive job opportunities
Singapore offers plenty of job opportunities for experienced professionals in information technology, healthcare, financial services, etc. The country provides suitable options for talented professionals.
The salaries in Singapore are lucrative, and companies willing to hire overseas talent are ready to pay high wages and provide attractive perks to the right candidate. This allows you to earn far more than you would in your home country.
The Ministry of Manpower (MOM), Singapore’s government body for employees, discovered in 2019 that the average gross monthly wage was 4,560 SGD (3,300 USD), including contributions from the Employer Central Provident Fund (CPF). This equates to a salary of about 55,000 SGD (40,000 USD) per year.
|Occupation||Average Annual Salary (SGD)||Average Annual Salary (USD)|
|Teacher (High School)||89,571||71,205|
Low personal income tax rates
The personal income tax rate is relatively low in Singapore. For non-residents, a flat rate of 15% is paid as income tax on all the income gained while staying in Singapore.
For those with a residence permit, the income tax can range from 0% if the earnings are less than 22,000 Singapore dollars per year while 20% for incomes above 3,20,000 per year. Apart from this, any overseas payments brought into the country are not subject to taxes.
Easy process for work and residence permits
If you’ve already secured a job offer, applying for a work permit would take just a few clicks to the government website, and you’ll know the outcome within one day; you‘re likely to receive your work permit for a more extended period, plus the renewal process is quick and straightforward. Residence permits are usually issued for the same period as your work permit.
Easy permanent residency process
You can consider applying for a permanent resident card if you have lived and worked in Singapore for over a year. Again, the whole process can be completed online without much trouble or paperwork involved.
Factors that can act in your favor include your age (ideally below 50), your educational background ( degrees at Singaporean universities will give you extra points), the industry you are associated with, and your ability to speak one of the four ‘local’ languages are among the considerations of a positive outcome. The processing time can take up to six months.
If you feel like acquiring specific skills to get a promotion at any stage, you should consider graduating from one of the six universities in Singapore. The National University of Singapore is currently ranked number one in Asia and number 22 globally, with degrees in arts, law, medicine, computer science, and public policy. You can even apply for a government grant or scholarship, cutting your study cost by 50%.
Diversity in population
The population here is a mix of Singaporean, Chinese, Malay, Indian, and British cultures, with more than 40% of the population being foreign. The people here are open and welcoming to foreigners making it easy to adapt to the country. English is the primary language of communication, making it easy to work and live here.
Hierarchy assumes importance. It would be best if you did not criticize your bosses or elders directly, nor should you get aggressive in meetings.
Punctuality is important. Be sure to show up on time for meetings and execute tasks at their expected deadlines.
Before reacting to an issue, Singaporeans believe it is critical to consider it carefully.
Social security benefits
Employees make mandatory contributions to the Singapore social security system every month as part of their salaries. This is referred to as the Central Provident Fund (CPF), and since 1955, the scheme has been around.
Such contributions cover funds for social security, healthcare, and retirement.
You can only pay into this scheme as a foreigner until you become a Singapore Permanent Resident.
Both you and your employer must contribute to the CPF every month as an employee. Just your donation will come out of your wages and your salary, with company contributions being paid separately.
Maternity and paternity leave
Mothers who do not qualify for GPML but have been employed for at least 90 days in the year before the date of birth of their child may still be eligible.
Paternity leave is not available if your child is not a Singapore resident. If their child is a Singapore resident, working fathers, including self-employed persons, are entitled to two weeks of Government-Paid Paternity Leave (GPPL). Including CPF donations, payments are capped at 2,500 SGD (1,800 USD) a week.