What are the benefits of working in Singapore?
Posted on January 15, 2021
Singapore is situated at the heart of Asia and is one of the prominent business centers of Asia which attracts business investment and inspires companies to set up their establishment here. All this means that the city offers numerous job opportunities especially for those looking at 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 the fields of information technology, healthcare, financial services, etc. The country offers the right opportunities for talented professionals.
The salaries in Singapore are lucrative and companies willing to hire overseas talent are ready to pay high salaries and provide attractive perks to the right candidate. This gives you an opportunity to earn far more than what 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.
|Job||Average Annual Salary (SGD)||Average Annual Salary (USD)|
|Teacher (High School)||60,000||43,000|
Low personal income tax rates
The personal income tax rate is quite 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 it is 20% for incomes above 320,000 per year. Apart from this, any overseas earnings brought into the country are not subject to any 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 longer period of time, plus the renewal process is quick and simple. Residence permits are usually issued for the same period of time along with 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, without much trouble or paperwork involved the whole process can be completed online.
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 certain skills to get a promotion at any stage, you should consider graduating in one of the six universities in Singapore. National University of Singapore is currently ranked number one in Asia and number 22 in the world with degrees in arts, law, medicine, computer science, public policy. You can even apply for a government grant or scholarships cutting down 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 of foreign origin. English is the main language of communication which makes it easy to work and live here. The people here are open and welcoming to foreigners making it easy to adapt to the country.
Hierarchy assumes importance. You should 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 think about 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.
It is mandatory that both you and your employer contribute to the CPF every month as an employee. Just your donation will come out of your wages, in addition to your salary, with company contributions being paid separately.
Maternity and paternity leave
New Government paid maternity leave (GPML) qualifying mothers in Singapore are now eligible for Government Paid Maternity Benefits (GPMB). Up to 20,000 SGD (14,500 USD) will be paid out for the first two children, and up to 40,000 SGD (29,000 USD) will be paid out for the third and subsequent children.
Mothers who do not qualify for GPML but have been employed for at least 90 days in the year prior to the date of birth of their child may still be eligible.
If their child is a Singapore resident, working fathers, including self-employed persons, are entitled to two weeks of Government-Paid Paternity Leave (GPPL). Paternity leave is not available if your child is not a Singapore resident. Including CPF donations, payments are capped at 2,500 SGD (1,800 USD) a week.