Local Benefits You Should Know About If You Are Looking For A Job In Singapore
If you’re considering a job in Singapore, it’s crucial to understand the benefits of local employees, as they can differ significantly from those in your home country. It’s essential to familiarise yourself with these benefits, as they can vary widely from company to company and directly impact your quality of life.
What kind of employee benefits can you expect in Singapore? The benefits landscape here includes a range of offerings, from health insurance to leave policies and beyond. It’s vital for anyone looking to work in Singapore to understand these thoroughly.
We’ve summarised some of the key benefits you might encounter below. Once you get a job offer, carefully review the offer letter and employment contract to understand the benefits available to you.
Understanding Employee Benefits in Singapore
Annual Leave
In Singapore, employees are entitled to vacation time while still receiving their salary. However, unlike some countries like Japan , where the number of annual leave days is legally mandated, Singaporean companies can set their leave policies for employees earning a salary of S$2,500 or more. This means that while some companies offer as few as 7 days, others might provide up to 22 days, with the typical standard being around 14 days.
It’s also important to note that policies regarding the carryover of unused leave and the accrual of additional leave days can vary significantly between companies. Be sure to review your employment contract carefully to understand these specifics.
Sick Leave
Annual Medical Claim
In Singapore, healthcare costs can be high because of the absence of a universal health insurance system. To mitigate this, many companies offer an Annual Medical Claim benefit, covering a portion of medical expenses for employees, even for personal injuries and illnesses.
This benefit typically allows employees to claim medical expenses up to a certain amount per year, usually ranging from S$500 to S$1,000. It’s a crucial safety net for unexpected medical costs, so check the details when you receive your job offer.
Additionally, some companies with more generous benefits provide insurance packages from foreign insurers, enabling employees to receive cashless treatments at hospitals. However, this amount might not be sufficient for more severe injuries or illnesses requiring surgery. In such cases, you should consider purchasing your additional health insurance coverage.
Transport Allowance
Business Trip Allowance
A Business Trip Allowance can make a substantial difference for those frequently travelling for work, especially in trading companies or manufacturing sectors. This daily allowance compensates you for the number of days spent on overseas business trips, typically ranging from S$40 to S$80 per day, depending on the destination.
Given that some roles may require extensive travel, this allowance can significantly boost your monthly income, making it an important benefit to look for in your employment package.
Overtime Allowance
Your Path to a Rewarding Career in Singapore
Employee benefits in Singapore vary widely between companies and play a crucial role in your overall compensation package. These benefits can greatly impact your quality of life and financial well-being, from transport and car allowances to business trips and medical claims.
Additionally, some companies offer perks like subsidised health checkups and special leave for significant life events such as marriage.
Before committing to a new job, ensure you thoroughly review the salary and the full range of employee benefits to make an informed decision about your employment.
