People are Singapore’s richest resource. The city-state welcomes the best talent from all over the world to contribute to its growth and range of expertise. This is evident during the morning rush hour, as you cut through a sea of different races and languages on your way to the office.
The national labour force numbers 2.93 million and unemployment stands at an average of 2.6% (as at December 2008) compared to Switzerland at 3% and the US at 7.2% for the same period.
Central Provident Fund
All employers and employees are required to contribute a percentage of their salaries to the Central Provident Fund (CPF). This social security savings scheme aims to help Singaporeans save for old age, healthcare and home ownership.
Currently, employees below the age of 50 contribute 20% monthly while employers contribute 13%. Employees who are 50 and above contribute at lower rates. As at March 2009, there were 3.26 million CPF members with a total balance of S$156,096 million in their CPF accounts.
Wage Policies
Salaries in Singapore are largely influenced by guidelines issued by the National Wages Council. The Council is made up of representatives from the government, employers’ groups and trade unions. The guidelines are consistent with Singapore’s long-term economic objectives.
There are 70 registered employees' trade unions and three employers’ unions. The National Trades Union Congress (NTUC) is the only federation of employee trade unions in Singapore. It works closely with the government and business sector to protect worker interests.
Find out more about working in Singapore.
Source: Central Provident Fund Board, The World Factbook
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