What are the benefits of working in Singapore?
Posted on March 21, 2022
According to studies, most people working in Singapore are satisfied with the work conditions that Asia’s sovereign city-state offers. It ranks top in Asia regarding ease of doing business, quality of living, superior educational standards, professional medical facilities, and low crime rate, among others.
The Lion City was rated as one of the world’s most competitive economies as per the ranking of the World Economic Forum of 141 countries. It is home to more than 7,000 multinational companies based out of the United States, Europe, and elsewhere.
Moreover, it has high-paying jobs globally, an extremely nominal unemployment rate, worker-friendly conditions, and a favorable climate for developing businesses. Because of its prosperous economy, companies invite migrant workers to Singapore to participate in it.
Even traditionally low-paying jobs such as school teachers and waiters earn high salaries in this country. Since it has very low-income tax rates, many skilled workers look to work in Singapore.
With a moderate population, a booming economy, and dwindling fertility rates, the Republic of Singapore extends invitations to migrants to work and live there.
One of the premier trading centers of the world, not just Asia, it is a magnet for skilled workers.
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Most attractive job sectors
Available in Singapore are job opportunities for knowledgeable workers from diverse sectors such as information technology, financial services, and healthcare. Talented workers will not face any dearth of options in this country, a part of ASEAN (Association of Southeast Asian Nations).
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The salaries in this southeast Asian country are one of the most attractive in Asia. This, coupled with low taxes, makes it more desirable for talented workers.
Low-income tax rates
Singapore’s income tax rate is very low. Non-residents of Singapore are taxed at a flat rate of 15% on their incomes as taxes while they live in Singapore. The income tax for those with a residence permit can be nil if they earn SGD 22,000 per year. On the other hand, those making above SGD 320,000 a year are levied a tax of 20% of their salaries. Moreover, there are no taxes on any foreign earnings imported to Singapore.
Seamless permits for work and residence
If you already have a job offer in hand, it will be a breeze for you when you apply for a work permit, as you would only be a few clicks away from the government website. You will know the result within a day. In addition, the renewal process is simple and easy. You would be issued a residence permit for the same duration as your work permit.
Effortless permanent residency process
If you have lived and have been employed for more than a year in Singapore, you are eligible to apply for a permanent resident card. This, too, can happen quickly and does not involve much paperwork. This whole process can be done entirely online.
The permanent residency process can be attained by people quickly if they are aged below 50 and have an impressive educational background (it would help you gain additional points if you have earned one or more degrees from the universities of Singapore). Proficiency in the field you are working in and ability to be fluent in one of the country’s four official languages (Mandarin, Malay, Tamil, and English). The time to process a permanent residency may take up to six months.
If you want to obtain specific skillsets to be in contention for promotion, you can do at any stage of your career by enrolling in one of Singapore’s six universities. The National University of Singapore ranked presently at number one in Asia, while it ranks 22 worldwide. It offers degrees in arts, computer science, public policy, medicine, law, etc. You are eligible to apply for a scholarship or government grant, which would bring down your cost of study by up to 50%.
Although there are residents from all over the world, people from China, India, Malaysia, and Britain make up 60% of the population. English is the primary language of communication, making it easy for people from all over the globe to come and settle here. The local population is also welcoming of foreign persons to allow them to integrate with the local people.
Hierarchy plays a crucial role even in such a cosmopolitan environment. Criticism of bosses or elders on their faces is not tolerated, and neither is aggressive behavior at meetings.
As Singaporeans prioritize punctuality, you should make it a point to arrive on time for meetings and perform duties according to their expected timelines. Singapore citizens think it is wise to err on caution and deliberate about an issue before reacting overtly to it.
Social security benefits
Employees contribute mandatorily to the social security system of Singapore every month with a portion of their salaries. Known as the Central Provident Fund (CPF), the scheme has been in place since 1955. These funds cover healthcare, social security, and retirement. Only permanent residents of Singapore will be considered a part of this scheme.
If you are part of the scheme, it is mandatory for you and your employers to contribute to the CPF every month. The government will take your donation from your earnings, and your company will pay for your contributions separately.
Maternity and paternity leave
As per the recently introduced government-paid maternity leave (GPML), pregnant ladies in Singapore are now eligible for Government Paid Maternity Benefits (GPMB). They will be paid up to SGD 20,000 ($14,500) for their first two children. They will get up to SGD 40,000 SGD ($29,000) for their third and other children.
Mothers not qualified for GPML but who have been employed for at least 90 days in the year before the date of birth of their child could still be eligible.
If their child is a resident of Singapore, working fathers, including self-employed people, are eligible for two weeks of Government-Paid Paternity Leave (GPPL). If a newborn is not Singaporean, their fathers will not be eligible for paternity leaves.
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