Singapore's personal income tax rate is one of the lowest in the world. The income tax rate is the cumulative tax amount after deducting appropriate items from the income of previous years. The tax rate ranges from 2% to 28%. Singapore also provides some tax refund items such as raising parents, tuition fees for specialized courses and life insurance premiums. Non-citizens who hold employment permits or work permits and live or work in Singapore for more than 183 days each year must pay income tax. All income earned in Singapore and income returned or brought in from overseas foreign exchange are taxable. Overseas income earned and paid by Singapore can be reduced by paying overseas taxes. Part of the overseas tax paid by designated overseas income can get unilateral tax credit. According to the Commonwealth tax exemption or avoidance of double taxation agreements signed with many countries, taxes paid in other countries can also be credited.

Work permit:

The Work Permit Office of the Ministry of Manpower is responsible for managing the employment of migrant workers in accordance with the Law on Employment of Foreign Workers. According to the Act, any employer who intends to employ foreign workers with a monthly salary of less than S $2,000 must apply to the Work Permit Office for a work permit (also known as an R permit). Singapore permanent residents do not need a work permit. The employment situation of work permit holders is controlled by labor tax and the maximum number of guest workers in various industries.

Employment permit:

Singapore has reached comprehensive agreements with 38 countries, including Australia, Canada, Denmark, Germany, India, Indonesia, Israel, Japan, South Korea, Luxemburg, Malaysia, Mexico, Netherlands, New Zealand, China, Philippines, South Africa, Switzerland, Taiwan Province Province, United Arab Emirates, Britain and Vietnam.

There are two kinds of employment permits in Singapore: P permit: it is suitable for professionals whose professional qualifications are recognized and whose monthly salary exceeds S $3,500. Q permit: it is suitable for people with recognized academic qualifications and a monthly salary of more than S $2,000. P permit is divided into P 1 and P2 permit, and P 1 permit is issued to professionals with a monthly salary of over S $7,000. P2 permits are issued to professionals whose monthly salary ranges from S $3,500 to S $7,000. Q licenses are also divided into Q 1 and Q2. Q 1 Permit is issued to people with a monthly salary of more than S $2,000 (but less than S $3,500) and a recognized education. For those who do not fully meet the qualification of Q 1 license, the authorities will only issue Q2 licenses under special circumstances.

Employment conditions:

The employment law stipulates the conditions of employment and specifies the rights and responsibilities of employers and employees. Every employee is included in the scope of the law except those who hold managers, administrative or confidential positions, seafarers, servants and people who work in the government or statutory bodies. Some provisions of the Bill only apply to employees in 600 yuan whose monthly salary does not exceed S $65,438 +0.

Singaporeans work an average of 8 hours a day and 44 hours a week. Overtime workers are paid at least one and a half times the hourly wage. Employees have 7 days of annual leave in their first year of service with the company. After that. Every 12 months of continuous service in the company, you will get an extra day of annual leave, up to 14 days. There are 1 1 day paid holidays a year. Other paid benefits prescribed by law include:

Sick leave: usually 14 days, but employees must serve for 6 months. When applying for sick leave, you must show a doctor's certificate issued by the clinic or hospital. Compassion leave: Generally speaking, employers will give sympathy leave for employees whose relatives have died for at least 3 days.

Marriage leave: generally 3 days.

Maternity leave: If a female employee has served more than 180 days, she can get 8 weeks of maternity leave for each child. Some companies also give male employees three days of paternity leave.

Provident fund system:

Now the average life expectancy of Singaporeans is getting longer and longer, and a 60-year-old Singaporean is expected to live another 2,000 years. It's important to plan for old age. Provident funds help workers achieve economic independence after they stop working.

Central provident fund

The Central Provident Fund was established in 1955 to provide funds and protection for retired and incapacitated workers. Over the years, provident fund has become a comprehensive social security savings plan, which not only takes care of depositors' retirement, house purchase and medical care needs, but also provides financial protection for provident fund depositors and their families through insurance plans.

Both employers and employees must deposit money into employees' provident fund accounts. Workers under the age of 55 pay 40% of their wages, with employers and employees paying half. According to the monthly salary ceiling of S $6,000, the maximum contributions of employers and employees are S $65,438+0,200 respectively.

The contribution rates of provident fund depositors over 55 years old are as follows: 20% for those aged 55 to 60 (7.5% and 12.5% for employers and employees respectively), 15% for those aged 60 to 65 (7.5% for each), and10 for those aged 65 or above.

Provident fund account

General account savings can be used for retirement, house purchase, provident fund purchase, investment and education.

The savings in the health savings account are used to pay for hospital expenses and approved medical and health care expenses.

The deposits in the special account are reserved for old age and emergencies.

1In July, 1992, the provident fund plan was expanded to include self-employed people with an annual net income of over S $2,400. As long as you deposit 6% to 8% of your income into a health savings account, self-employed people can enjoy health benefits like other depositors. Provident fund depositors earn the interest corresponding to the market interest rate, that is, the average interest rate of the four major banks1February time deposits and month-end deposits, and the interest rate is adjusted once a month. The Central Provident Fund Law guarantees a deposit interest rate of at least 2.5%. Those used for retirement and longer-term savings, such as savings in special retirement accounts, can get an extra 1.25 percentage points on the basis of the usual provident fund interest rate.

provident fund extraction

Provident fund depositors withdraw provident fund savings under the following circumstances:

At the age of 55; Leave Singapore and Spain permanently? Life-long disability or insanity; If you continue to work, depositors can withdraw more provident fund savings every three years, that is, at the age of 58, 6 1, 64 and so on.

Minimum deposit plan

When withdrawing the provident fund at the age of 55, depositors must also keep the minimum deposit to meet the basic needs in their later years. As a minimum deposit investment, there are three ways for them to choose:

Buy a life annuity from an approved insurance company and deposit it in an approved bank. Deposit into the retirement account of the provident fund bureau.

Fill in the minimum deposit amount

Filling the minimum deposit gives people a chance to fill their or their parents' retirement accounts. They can use cash or transfer money to fill their accounts. Provident fund reserve is transferred from general account to special account.

Depositors under the age of 55 can transfer their savings from ordinary accounts to special accounts to supplement the special accounts to 40,000 yuan. The purpose of filling is to prepare more cash savings for retirement, and at the same time make the savings in special accounts earn higher interest.

Health care:

Health savings, medical care and value-added medical care programs help provident fund depositors and their families pay for hospitalization.

Health care savings

Health savings can be used to pay the hospitalization expenses of depositors or immediate family members. 1998, the total withdrawal of health savings deposits reached 334.8 million yuan.

Health insurance and value-added health insurance plan

Dual health insurance plan is a low-premium medical insurance plan, which aims to help provident fund depositors pay for hospitalization expenses and designated medical expenses caused by stubborn or serious diseases. The annual premium ranges from 12 yuan to 240 yuan, which can be paid by health savings. The maximum insured age is 75 years old.

The double protection plan of value-added health insurance is designed for depositors who want more protection than the double protection plan. It can be used to bear a large part of the hospitalization expenses of a or B 1 ward. The premium ranges from 36 yuan to 65,438+0 and 200 yuan, which can be paid by medical insurance savings.

Buy a house:

Public housing plan

Whether depositors buy their first unit or private residence, provident fund can make it easier for them to buy a house. Under the public housing scheme, depositors can use their provident fund savings to purchase units from the Housing Development Bureau. Provident fund reserves can also be used to pay for renovation works of old housing estates. 1998, * * 6569 19 depositors withdrew a total of 8,504.7 million yuan.

Housing industry plan

According to the housing industry plan, depositors can also use their provident fund savings to buy private housing and manage public housing. 1998 124056 depositors withdrew a total of 3,448.5 million yuan under this plan.

Home security

The Provident Fund provides two insurance schemes to protect depositors and their families in case of accidents.

Family safety plan

All housing loans paid by the provident fund must be insured under the family insurance plan. In this way, 1 1000 depositors will die or be unable to work for life before the future mortgage loan, and they or their families will not lose their houses. The Central Provident Fund Bureau will repay the outstanding housing loan according to the insured amount. The maximum age for insurance is 60.

From 65438 to 0998, the Provident Fund Bureau paid 40 million yuan for 749 claims according to this plan.

Family protection plan

Under this plan, if the insured depositor dies or loses the ability to work for life, the depositor and his family will receive a compensation to tide over the initial difficult period. The maximum insured age is 60 years old and the maximum insured amount is 36,000 yuan.

By the end of 1998, * * depositors of 1395708 had been insured, with a total insured amount of 49.7 billion 465438+ ten thousand yuan. Last year, according to this plan, the Provident Fund Bureau paid 76,654,380,000 yuan for 265,438,438+02 claims.

appreciation of fixed assets

Depositors can manage and accumulate more provident funds through the provident fund investment plan and enjoy their old age.

Provident fund investment plan

According to the provident fund investment plan, depositors can use up to 80% of the savings except the minimum deposit of the provident fund, or use the remaining deposits in the general account after keeping the minimum deposit in the special account and the general account (whichever is lower). They can invest in designated coupons, trust units, gold, government bonds, bank deposits, fund management accounts and savings statements. As of1998 65438+February 3 1, * * 464 198, depositors have invested in provident fund savings, with a total value of 24,397.3 million yuan.

Non-residential industry plan

Provident fund depositors can also invest in commercial real estate in Singapore. 1998, the total value of withdrawal under this plan is 50.6 million yuan.

Education plan

This is a loan scheme to help depositors subsidize their children or their own higher education. It can be used to pay tuition fees for all full-time diploma courses in six local colleges and universities. 1998 borrowed a total of 67.4 million yuan to pay tuition.

Depositor discount

The government rewards people who have contributed to the country through various plans. These plans include stock purchase supplementary plan, provident fund supplementary plan and provident fund health savings supplementary plan.

Relevant regulations of Singapore on application, approval and issuance of work visas:

Application: Before the laborer arrives in Singapore, the Singapore employer and the Singapore Ministry of Labor arrange the laborer's work permit. In principle, the work permit shall be issued to the employer and to foreign labor export agencies or laborers. The above procedure takes about 1 month. Visa issuance method: The work visa can be issued by the work permit management agency of the Ministry of Labor within two months after the worker arrives in Singapore.

Visa validity: 3 months.