The labor authority in Singapore, dealing with employing foreign workforce, work permits, leave, public holidays, employment rights and conditions and other labor related issues in the country, is the Ministry of Manpower. Local companies that want to ensure they comply with the employment legislation are advised to seek assistance from an accountant in Singapore.
Facts about the labor market in Singapore
Unemployment remained at low levels in 2015, with more Singapore residents, mainly women and aged workers, being employed. The resident labor force involvement rate increased for the fourth year consecutively, to 68.3% in the same year, from 67% in the previous year.
Employment in Singapore
The social security system in Singapore is administered by the Central Provident Fund (CPF), offering social security for local employees. Each employee has to pay a certain amount of their income to the CPF. Employers are also required to pay a fixed sum or 10% of the employee’s monthly salary to the fund. The amounts vary depending on the employee’s earnings and age. Foreigners who are temporary residents in the country are not covered by the above mentioned fund.
Our accounting firm in Singapore can offer thorough tax planning and payroll services.
For more details on the labor market and legislation in Singapore, as well as the taxes on salaries in this country, please get in touch with our accountants in Singapore.