Payroll in Singapore

Singapore is high on many multinational businesses’ list when it comes to establishing a base in Asia. Thanks to its strategic location, state-of-the-art digital infrastructure, and transparent legal framework, the country is considered to be one of Asia’s most business-friendly destinations. At the same time, Singapore’s payroll system reflects the country’s broader economic priorities: attracting global talent, encouraging local employment, and leveraging technology to maintain high levels of compliance and efficiency.  In this episode of Payroll Around the World, we’re joined by ADP experts Yvonne Teo and Vidhya Ramamoorthy, who’ll guide us through the intricacies of payroll in Singapore. We’ll discuss the different types of mandatory employee and employer contribution schemes, work regulations for expats, locals, and permanent residents, and current trends in the labor market. We also speak to Carmen, a Malaysian expat in Singapore who has just applied for permanent residency in order to access key social benefits. TimestampsIntro [00:07] Singapore’s economy and business landscape [03:20] What are some challenges for multinationals? [06:30] Breaking down the Central Provident Fund (CPF) [09:18] Self-help group contributions [12:07] The Foreign Worker Levy [14:14] How Singapore is encouraging the hiring of local talent [16:00] Carmen’s story [17:37] Permanent Residency and the CPF [22:20] The IR21 tax clearance [24:16] The Fair Consideration Framework [25:53] The Skills Development Levy [27:26] Upskilling an aging workforce [30:15] How is ADP helping multinationals? [32:00] CreditsExecutive Producers for ADP: Nicola Smith and Kate AllenExecutive Producer for Storythings: Matt LockeRecorded, edited, mixed and mastered by: Chris MitchellScripted and hosted by: Luisa RollenhagenGuest interview recorded by: Ee Ming TohProject Manager: Aimee Perrinjaquet Hosted on Acast. See acast.com/privacy for more information.