Singapore

Last updated on August 4th, 2022

Country Highlights

Currency  

SGD 

Payroll cycle 

Monthly, 13th salary is paid out at the end of the year 

Employer taxes  

17.25% 

Minimum wage  

No minimum wage laws 

Working hours  

Maximum 44 hours a week 

Latest HR Statutory Updates

August 2022

  • Auto Inclusion Scheme (AIS) for Employment Income

JULY 2022

  • Increase in CPF Contribution Rates from 1 January 2023

JUNE 2022

  • No Statutory Updates

MAY 2022

  • No Statutory Updates

APRIL 2022

  • No Statutory Updates

MARCH 2022

  • No Statutory Updates

FEBRUARY 2022

  • No Statutory Updates

JANUARY 2022

  • No Statutory Updates

DECEMBER 2021

  • No Statutory Updates

NOVEMBER 2021

  • Retirement and Re-Employment (Amendment) Bill 2021

  • CPF Interface File Specification

OCTOBER 2021

  • No Statutory Updates

SEPTEMBER 2021

  • Shift allowance part of Gross pay and included in computation of leave encashment

AUGUST 2021

  • No Statutory Updates

JULY 2021

  • CPF EZPay (FTP) – FTP FILE SPECIFICATIONS (effective 1 January 2022)

  • Access to Network Billing System (NBS) will be 2FA enabled with effect from 19 July 2021.

  •  Increase in CPF Contribution Rates from 1 January 2022

JUNE 2021

  • $2.2 billion to be disbursed from 30 June under the Jobs Support Scheme

MAY 2021

  • 15,000 firms in the Construction, Marine Shipyard and Process sectors to receive higher Foreign Worker Levy Rebate.

APRIL 2021

  • S45 Offline Data-Entry (ODE) App with the latest version 3.15 is now available for download

  • Waiver of foreign worker levies for Migrant Workers and Migrant Domestic Workers during their Stay-Home Notice from January till September 2021

MARCH 2021

  • Tax Treatment On Donations With Benefit (Donations Made Before 19 March 2021)

  • $940 Million in Wage Credits To More Than 98,000 Employers by 31 March 2021

  • Increase in CPF Contribution Rates for Senior Workers from 1 January 2022

FEBRUARY 2021

  • PAT is now open for live submission to IRAS for YA2021

  • Budget 2021- Extend the 250% Tax Deduction for Qualifying Donations

  • Budget 2021- Jobs Support Scheme (JSS)- Extension of JSS for Tier 1 and 2 Sectors

  • Budget 2021- Wage Credit Scheme (“WCS”)

  • Budget 2021- Jobs Growth Incentive (“JGI”)

  • Budget 2021- FOREIGN WORKFORCE POLICIES

  • Budget 2021- SGUNITED JOBS AND SKILLS PACKAGE

JANUARY 2021

  • No Changes to PAT-IRAS File Specification for Year of Assessment (YA) 2021

  • Validation Checks for Wage Declaration on PAT

  • CPF submissions using hardcopy forms for e-registered to cease from 2021

DECEMBER 2020

  • Over $1 billion in 2020 Wage Credit Scheme payouts to more than 95,000 employers

  • Income Tax Treatment of COVID-19-Related Payouts to Businesses and Individuals

NOVEMBER 2020

  • No Statutory Updates

OCTOBER 2020

  • Over $5.5 billion to be disbursed from 29 Oct under the Jobs Support Scheme

SEPTEMBER 2020

  • Overview of Withholding Tax

  • Common Errors Made by S45 WHT Payers

  • Minimum 4% Interest Rate Floor on Special, MediSave and Retirement Account Monies Extended Until 31 December 2021

  • Year End Forms (Year of Assessment 2021)

  • Tightening of Work Pass Requirements

  • Public Holidays for 2021

  • Eligible Firms to Receive Jobs Growth Incentive Automatically from March 2021

  • Jobs Growth Incentive (JGI)

AUGUST 2020

  • Deferral of Requirements for Insurers Under the Work Injury Compensation Act 2019

JULY 2020

  • Income Tax Treatment of COVID-19-Related Payouts to Businesses and Individuals

  • Over $4 billion to be disbursed from 29 Jul under the Jobs Support Scheme

JUNE 2020

  • Support for Employees

  • Enhanced Job Support Scheme

  • Over $450 Million in Wage Credits for more than 95,000 Employers by 30 June 2020

MAY 2020

  • No Statutory Updates

APRIL 2020

  • IRAS Extends Tax Filing Deadlines

  • Support for Employees

  • Job Support Scheme (JSS)

  • Solidarity Budget

  • Update on Job Support Scheme (JSS)

  • Update on Solidarity Budget

  • Extended Tax Filing Deadline

MARCH 2020

  • MOM will be increasing the LQS threshold to $1,400

  • All work pass holders have to obtain MOM’s approval before commencing their journey

  • MOM will be increasing the EP salary to $3,900 per month

  • Retirement age and Re-employment Age will be raised to 65 and 70 by 2030

  • The CPF contribution rates for senior workers will be raised gradually over the next decade

FEBRUARY 2020

  • Quarantine Order Allowance Scheme in Singapore

JANUARY 2020

  • No Statutory Updates

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