Sharing views, knowledge and information on employee benefits, general insurance and personal health insurance for the benefit of individuals and corporations with operations in Singapore.
Sharing views, knowledge and information on employee benefits, general
insurance and personal health insurance for the benefit of individuals
and corporations with operations in Singapore.
Liberty International Underwriters issued a paper on the issue seagoing employees covered outside of Singapore. As excerpt:
Employers can determine whether their workers operating
onboard vessels are covered by the Work Injury Compensation Act, based on the following checklist:
1. Is the worker a Singapore citizen, permanent resident, or
holder of an employment pass holder and/or work permit that
specifies a registered address in Singapore?
or
2. Is the worker a “seaman”, as defined by the Merchant
Shipping Act (Chapter 179)?
and
3. Is this “seaman” also working on a “Singapore ship” as
defined by the same Act?
If an employee satisfies either test 1 or both test 2 and 3
above, it is likely (subject to the facts of the case and the relevant Work Injury Compensation policy generally) that they will be covered in the event of an injury
occurring outside Singapore.
Comments by President Obama and Singapore's Prime Minister on bi-lateral relations. The White House also issued formal comments raised by both leaders. In particular, President Obama mentioned that "Over the last decade, since we signed our free trade agreement, we have seen a doubling of trade between our countries, and that creates jobs here in the United States as well as in Singapore."
In a related article published in Singapore's local press, SIngapore Prime Minister commented on his visit to the US mentioning "I think their [US] confidence in Singapore is very high...they see Singapore as a place where the Government is rational, sober, competent to get things done, and able to see the business perspective."
Our firm participated in views on Singapore in a White Paper on Local Benefit Trends for Multinational Energy Companies, published by Ascende. The white paper describes trends in Angola, Brazil, Mexico and UK, and a conclusion by Cliff Caldwell, an expert in International Benefits for the Energy Sector, based in Houston.
Solidiance's two-year survey across 16 urban centres in the region cites Singapore as the most innovative. Solidiance ranks cities according to human talent, knowledge creation, technology, government and global integration.
The Ministry of Manpower announced that new changes to the Employment Act will result in Professionals, Managers and Execcutives earning up to SGD4,500, to be protected under the general provisions of the Employment Act including sick leave benefits and protection against unfair dismissal.
The MOM will be introducing the Employment Act Amendment Bill in Parliament in the second half of 2013. When passed in Parliament, the changes would come into force in the first half of 2014.
Singapore has increased the qualifying threshold for Personalized Employment Passes, which allow foreign nationals to facilitate their continued stay in Singapore should they change jobs to SGD144,000. This is in line with stated strategies by the Government to:
a) ensurer that the Personalized Employment Passes remains a premium pass for top-tier foreign talent
b) to raise the quality of Employment Pass holders
In an article in the local press, and a report by local economists, the impacts of Singapore widening income gap is discussed. These impacts include potential wage stagnation, decrease in social mobility and citizen well-being
Key statistics from an article in the local press shows that in 2012, there was a shift in companies located in Singapore to hire more local nations than in 2012. However, a significant proportion of Singapore's workforce consists of foreign nationals (32.8%). This change in employment of more local nationals in 2012 is likely due to measures taken by the Government including increased foreign worker levies and more stringent work VISA requirements.
Key statistics:
- Excluding personnel in the construction and domestic worker sectors, 55,500 Singaporeans accounted for the growth in the workforce versus 32,200 of foreign nationals, in 2012. This is in contrast to 35,500 Singaporeans and 60,200 respectively in 2011
- Unemployment remained low in 2012 at 2% with unemployment for local nationals at 3% for Singapore citizens and 2.8% for residents.
- Median income growth was 1.2% in Singapore in 2012.
Singapore's land use report indicated that 5,200 hectares of land will be added to the current 76,600 hectares to support a population of 6.9m in 2030, from the current 5.3m. Strategies of reclaimation, land new business and residential zones are planned to reduce the potential strain on existing infrastructure. It is also targeted that a park should be within 15 minutes walk of every person's residence, by 2030.
In 2013, there are a number of new regulations related to boosting fertility and adoption, which employers should make provisions for. These include:
1. From 1st May 2013, introduction of an additional 1 week of paternity leave, subsidized by the Government, up to a cap. For more information visit: Ministry of Manpower's FAQ on paternity Leave
2. Introduction of Paid Adoption Leave. From 1 May 2013, employers will be required by law to provide 4 weeks of Government-Paid Adoption Leave for mothers who have adopted a child, to be taken within 12 months after the child is born. The leave will be subdized by the Government up to a cap. For more information visit: Ministry of Manpower's Website on Paid Adoption Leave
3. The following additional benefits related to the Marriage and Parenthood Schemes should also be considered by employers when structuring employee benefit and health insurance plans:
c) As part of the Marriage and Parent Package 2013, the cash gift amount for children born on or after 26th August 2012 will be increased and the payment schedule will be revised and shortened. For more information on this visit: Baby Bonus website
4. Extended Maternity Protection for unfair dismissal for the entire pregnancy period (up from the current 3 months and 6 months before delivery respectively). For more information visit: Ministry of Manpower's Website on Maternity Leave
This video shows more about the reasonings behind implementation of these changes and also additional measures, including more work life balance for working parents, to be introduced in the near future:
