Guide To What Businesses Should Know Before Hiring On SGUnited Traineeships and Mid-Career Pathways dollarsandsense.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dollarsandsense.sg Daily Mail and Mail on Sunday newspapers.
5 minute read
Salary has always been a sensitive topic for employers and employees. With COVID-19 still hurting the Singapore and global economy, it may be an even more touchy issue this year. Already, median local wages in 2020 fell for the first time in 16 years to $4,534 (after employer’s CPF contributions).
As employers continue to manage business slowdown, with revenue and profits potentially taking a hit, you may have to resort to cutting employee salaries. However, Singapore employers have to be guided by the Employment Act, and cannot just deduct their workers’ salary as they deem fit.
Employment Act: Part III Section 26
7 minute read
Employers in Singapore are typically quite well-versed with the CPF scheme. Besides usually being a CPF member themselves, business owners and those who do payroll also have to contribute to CPF for their employees on a monthly basis when they pay salary.
While many are fairly familiar with the CPF scheme, there may also be lesser-known requirements we are not fully aware of. In this article, we detail 10 types of payments to employees (apart from their monthly salary) that businesses need to contribute CPF on as well. We also list some salary payments types that businesses don’t have to contribute CPF on.