As part of Singapore Budget 2011 announcements, levies for hiring foreign workers under work permits and S passes will increase in Singapore, by SGD60 to SGD450. The increases will be phased will be phased in at six-monthly intervals, starting January next year until July 2013. The levies do not apply to executive level or managerial foreign workers under Employment Passes.
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February 2011
21 February 2011
Levies for Foreign Workers to Increase in Singapore
Posted by Lawrence Adam at 01:03 PM in Employee Benefits, Risk Management | Permalink
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18 February 2011
Singapore Budget 2011 Highlights for Foreign Companies with Operations in Singapore
The Singapore Budget 2011 contains a number of changes which foreign companies with operations in Singapore should be aware of:
1. Increase in Central Provident Fund CPF contributions by 0.5%, making the CPF contribution rate 36% by October 2011, as well as revising the salary ceilingfrom SGD4,500 to SGD5,000 per month. Both changes in contribution rate and salary ceiling will take effect in September 2011.
2. Enterprise Development Assistance Fund to of SGD2.5 bn to enable the Economic Development Board to continue its efforts to strengthen Singapore’s value proposition as an Asian base for corporate head-quarters and other high-value activities.
3. Corporate tax rebate of 20% capped at SGD10,000 for year of assessment 2011.
4. Encouragement of employment of older workers through up to 50% of employer CPF contributions for workers aged 55 to 59, and up to 80% of employer CPF contributions for workers aged 60 and above, with credits paid over 3 years.
For a full review of the Singapore Budget 2011, visit http://www.singaporebudget.gov.sg
The Singapore Budget 2011 flyer for businesses is available for download at http://www.singaporebudget.gov.sg/budget_2011/download/FY2011_Flyers_for_Businesses.pdf
A webcast is available at http://www.singaporebudget.gov.sg/budget_2011/webcast.html
Posted by Lawrence Adam at 10:31 PM in Employee Benefits, Risk Management | Permalink
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03 February 2011
Unemployment drops to 2.2% in Singapore
The latest Singapore Employment Situation Press Release from the Ministry of Manpower shows that:
1. The annual unemployment rate in 2010 is 2.2%
2. For the whole of 2010, total employment increased by 112,500, significantly exceeding the gains of 37,600 in 2009
3. The bulk of the employment gains came from services, which added 109,500 workers in 2010, up from the increase of 55,600 in 2009
Posted by Lawrence Adam at 08:03 PM in Employee Benefits, General Insurance | Permalink
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