Other Allowances & Employee Benefits in Singapore
The other common employee benefits and allowances include:
- Tax relief on transportation or transport-related allowances
- Includes parking costs, taxi fares, or fixed monthly transport allowance
- Not taxable in Singapore
- Singaporean employers need to deduct a certain percentage for retirement
- CPF members above 65 can claim their pension
- Compulsory CPF is tax-free for both employers and employees for local employees (Singaporeans & Permanent Residents)
- Depends on your position and the allowance is dependent on your position
- Includes covering the costs of rental for your apartment
TIP: Read your employment contract thoroughly and be sure to clarify if you have any questions or concerns.
Things to Check in Your Employment Contract
Aside from the abovementioned benefits, there are certain clauses that every employee in Singapore should check in their employment contract. This is because the employment contract holds the power that is binding for both parties, especially if you earn more than S$2,600 a month.
Here are key things to look out for:
Salary & payment date
- Is the salary the agreed salary that you have with your new employer?
- When are they paying you? Note that for different countries, some companies pay mid-month and some on the 7th.
- How long is your termination period?
- How long is your probation period?
- How long is your notice period?
Duration of contract
- Is there a fixed duration for your contract?