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Employee Perks in Singapore
Employee perks are benefits that are given to employees in addition to their regular compensation. These perks can be in the form of cash bonuses, paid time off, or free or discounted products or services. Employee perks are often used as a way to attract and retain top talent. While employee perks are not required by law, they can be a valuable part of an employee’s compensation package. Employers should carefully consider what types of perks would be most beneficial to their employees and business.
What are the benefits of Work perks?
There are many reasons why companies in Singapore offer work perks. First and foremost, it helps to attract and retain top talent. With a highly competitive labour market, companies need to offer attractive benefits and perks to lure employees away from the competition.
Work perks also help to improve employee productivity and morale. When employees feel like they are being taken care of by their employer, they are more likely to be motivated to do their best work. Happy and engaged employees lead to a more productive workplace, which is good for business.
Finally, work perks show that a company cares about its employees. This can go a long way in building a positive company culture and fostering loyalty among staff. When employees feel valued by their employer, they are more likely to stick around for the long haul.
What are the most common Work perks?
When it comes to perks, employees in Singapore are spoiled for choice. Here are some of the most popular employee perks on offer:
1. Wellness programs: More and more companies are offering wellness programs as a perk for their employees. These programs can include anything from free gym membership to on-site yoga classes.
2. Flexible working hours: With long working hours being the norm in Singapore, many companies are now offering flexible working hours as a way to attract and retain employees.
3. Transport allowance: Given the high cost of public transport in Singapore, many companies offer a transport allowance as an employee perk. This can go a long way in helping employees cover the cost of their commute.
4. Childcare benefits: With the high cost of childcare in Singapore, many companies offer childcare benefits as an employee perk. This can include things like subsidies for childcare costs or flexible working hours to allow parents to better manage their childcare responsibilities.
5. Annual leave: Most companies in Singapore offer at least 14 days of annual leave as an employee perk. This is generally more than the statutory minimum of 10 days required by law.
What is the Cost for Employee Perks Package?
The cost of an Employee perks will depend on the provider, company size, and services offered.
In Singapore, there are numerous employee perks that can be enjoyed by employees. These benefits can vary from company to company and can include things like free food, gym memberships, and discounts on products and services. The average cost of employee perks in Singapore is $2,295 per year. This figure does not include the cost of employer contributions towards these benefits, which can be significant.
Who are the top employee perks providers in Singapore?
AIG offers a variety of benefits, including insurance, pension, and savings plans.
Prudential is another popular provider of employee benefits in Singapore. They offer insurance products, such as health and life insurance, as well as pension plans and savings schemes.
HSBC offers a wide range of benefits, including insurance products, such as health and life insurance, as well as pension plans and savings schemes.
MantraCare is the top Employee perks vendor in Singapore. They not only provide excellent employee benefits in Singapore, but they also offer extra perks like EAP, Stepathlon, Corporate Yoga, Physical therapy, and chronic condition reversal (for Diabetes & Hypertension), meditation, work counseling & more.
MantraCare offers Employee Perks in all major cities in Singapore
- Aik Hong and Aik Chiang Estate
- Ama Keng
- Ang Mo Kio New Town
- Banta Tengeh
- Bedok New Town
- Boon Lay
- Bukit Mandai Village
- Bukit Panjang New Town
- Changi Village
- Chia Keng
- Choa Chu Kang New Town