Employee Benefits in Singapore

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Employee benefits are any perks or incentives that are offered to employees in addition to their regular salary and compensation. The purpose of employee benefits is to attract and retain the best talent and to keep employees happy and productive. A well-designed benefits package can help a company save money on turnover and boost morale.

employee benefits

What are the reasons that companies in Singapore offer employee benefits?

There are many reasons why companies in Singapore offer employee benefits. Some of these reasons include attracting and retaining talent, improving employee productivity, and reducing absenteeism.

One of the most important reasons why companies offer employee benefits is to attract and retain talent. In a competitive marketplace, good employees are hard to find. By offering competitive benefits packages, companies can entice top talent to join their organization. Additionally, by offering employee benefits, companies can keep good employees from leaving for greener pastures.

Another reason why companies offer employee benefits is to improve employee productivity. Studies have shown that happy employees are more productive employees. By offering benefits like health insurance and gym memberships, companies can help their employees stay healthy and fit, which in turn leads to higher levels of productivity.

Finally, another reason why companies offer employee benefits is to reduce absenteeism. When employees are healthy and happy, they are less likely to call in sick. This means that fewer working hours are lost due to absenteeism, which helps improve a company’s bottom line.

What are the most common employee benefits offered in Singapore?

Offering wellness programs as an employee benefit is a great way to promote a healthy work-life balance for your employees. There are many different types of wellness programs that you can offer, so it’s important to do some research to see what would be the best fit for your company. Here are some of the top employee benefits offered in Singapore:

1. Gym memberships – Offering a discounted or free gym membership is a great way to encourage your employees to stay active and healthy.

2. Health screenings – Many companies offer health screenings as an employee benefit. This is a great way to catch any health problems early and get your employees the treatment they need.

3. Stress management programs – With the high-stress levels that come with working in Singapore, stress management programs can be a great way to help your employees relax and de-stress.

4. Nutrition counseling – Eating healthy is important for both our physical and mental health. Nutrition counseling can help your employees learn about making healthier food choices and help them stick to a healthier diet.

5. Employee assistance programs Employee assistance programs (EAPs) offer confidential counseling and support for employees who are dealing with personal or work-related problems. This can be a great resource for employees who are struggling with stress, anxiety, or depression.

Is Employee health insurance a mandatory employee benefit in Singapore?

Employee health insurance is a mandatory employee benefit in Singapore. The government sets a minimum level of coverage, which must include hospitalization, maternity care, and prescription drugs. Employees who do not have health insurance may be exempt from certain taxes, but they may still be required to pay for medical expenses that arise during their employment. 

What is the cost for employee benefits package in Singapore?

The average cost of an employee benefits program in Singapore is $4,500 per year. This includes benefits such as health insurance, retirement savings, and paid time off. The cost of these programs can vary depending on the size and type of company.

MantraCare offers the most comprehensive and cost-effective employee benefits program starting at $3 per employee.

Who are the top employee benefits providers in Singapore?

Aon is one of the leading global provider of risk management, insurance, and reinsurance brokerage, and human resources solutions. They have a dedicated team of experts who are able to customise benefits packages to suit the needs of your company.

Mercer is a global consulting leader in talent, health, retirement, and investment. They offer a range of benefits solutions that can be tailored to the specific needs of your company.

MantraCare is the top employee benefits solution provider in Singapore. They help design the benefits plan and execute the same with the HR. They offer comprehensive employee benefits programs that promote physical and mental well-being.

Their services include EAP, corporate yoga, physical therapy, chronic condition reversal (for diabetes & hypertension), meditation, work counseling, and more.

In which cities can MantraCare offer Employee Benefits Packages in Singapore?

  • Aik Hong and Aik Chiang Estate
  • Ama Keng
  • Ang Mo Kio New Town
  • Banta Tengeh
  • Bedok New Town
  • Boon Lay
  • Bugis
  • Bukit Mandai Village
  • Bukit Panjang New Town
  • Changi Village
  • Chia Keng
  • Choa Chu Kang New Town

If you are a company in Singapore, looking to implement an Employee Benefits program, talk to employee benefits experts at Mantracare: Schedule a Call >