PENALTIES: Any person who knowingly files a false statement may be subject to criminal prosecution of a first degree misdemeanor. Any person who fails to file a complete financial disclosure statement by the appropriate deadline may be assessed a late filing fee of $10.00 for each day the statement is late, up to a maximum of $250.00, and may also be subject to criminal prosecution of a fourth degree misdemeanor. Show
FILING DEADLINE: The filing deadline is Monday, May 16, 2022 unless one of the following applies: • CANDIDATES APPEARING ON A PRIMARY ELECTION BALLOT: Must file not later than the thirtieth day before the earliest election at which his or her candidacy is to be voted on. The filing deadline for candidates whose name will appear on the May 3, 2022 Primary Election ballot for local office is April 4, 2022. • WRITE-IN CANDIDATES: Must file not later than the twentieth day before the earliest election at which his or her candidacy is to be voted on. • AN APPOINTEE TO THE GENERAL ASSEMBLY: Any person appointed to fill a vacancy for an unexpired term in the General Assembly must file within 15 days after he or she qualifies for office, unless the deadline is extended by the Joint Legislative Ethics Committee for good cause. • A NEWLY HIRED OR PROMOTED EMPLOYEE: An employee of the General Assembly, or any legislative agency, must file by May 16, 2022, or within 90 days after employment or promotion. ATTACHMENTS: You may attach additional pages as necessary; however, please reference the appropriate section for which you are submitting additional information. This financial disclosure statement is a public record upon filing and is made available for public review on www.ohiofds.com. Globalization has affected every industry, especially in the area of employment. Regardless of their location, companies are now able to recruit and hire talent from anywhere in the world. The COVID-19 pandemic has meant the workforce has adapted to remote work because of restrictions on travel and communal workspaces. As a result, it’s never been easier for employers to cast their net across borders and expand their talent pool to hot talent markets like Singapore. Singapore has embraced remote working. This APAC regional hub is a very popular country for overseas employers. You’ll find a haven of highly-skilled professionals in Singapore, most with global experience. In 2020 alone, . This gives innovative businesses a solid incentive to open their borders to Singaporean talent, but before you hire, you must make sure you are set up to manage compliance with local labor laws. Many companies use an to provide the specialist services they need to comply with relevant employment regulations. This circumvents the need for the company to establish a legal entity in Singapore, along with the costs and expertise required. fully owned local legal entity in Singapore can manage compliance, payroll, tax, and all aspects of employment law for international employers. This leaves you free to focus on the most important things – growing your business and building great teams. In this guide to understanding benefits in Singapore, we’ll walk you through the following key areas:
Singapore’s Employment ActServing as Singapore’s main labor law, the outlines the basic conditions and benefits that employers must provide to their employees. Who is covered under the Employment Act?All employees, whether local or foreign, who are employed under a contract of service with an employer, are covered under the Employment Act. Employees can be employed full-time, part-time, or temporarily. They may also be paid on an hourly, daily, monthly, or piece-rated basis. Civil servants, domestic workers, and seafarers are not covered by the Act. Their work conditions and benefits are covered by their employment contracts. On April 1, 2019, were made to the Act. The notable changes now include coverage of managers and executives earning more than S$4,500 a month. This includes lawyers, accountants, doctors, and dentists. What does this mean for benefits provisions? Employees under the Employment Act (the “EA Employees”) are legally entitled to certain benefits that employers must provide. This includes things like annual leave, paid medical leave, and public holiday pay. Note that in Singapore, are not entitled to any specific statutory benefits. Any benefits or remuneration are determined by the contractual agreement between your business and the contractor. It’s important to understand this delineation, and this is where can start to get more complicated. Regardless of whether you consider a worker to be an employee or a contractor, legislators will make the only determination that matters. If you’re found to have an employment relationship and you’ve neglected to provide statutory benefits, you’ll open your company up to the serious and subsequent fines or penalties. For more detailed information about understanding this concept, be sure to read our . Offering benefits to Singaporean contractorsEmployers shouldn’t refrain from offering a benefits package to international (or local) contractors just because these entitlements aren’t required by law. If you value your contractors, providing benefits can signal commitment and create a stronger connection with your business, especially in a remote context. You do still need to be mindful of triggering or misclassification dangers with the type of benefits you provide. Value-based benefits like paid time off, flexible working hours, and parental leave provisions can often keep you on the safe side of this legislation (more on these types of offers in our ). like Remote should be able to give you more specific advice to minimize associated risks according to the employment legislation of Singapore (or any other nation). Statutory benefits under Singapore’s Employment ActStatutory benefits, also known as mandatory benefits, are entitlements that employers are obligated by law to provide to their employees. Common examples include benefits like paid annual leave, parental leave, worker's compensation insurance, and paid sick leave. We’ve outlined the benefits you must provide to Singaporean employees below. Central Provident Fund - retirement and health benefitEmployers are required to pay about 17% of an employee's basic salary to the Central Provident Fund (CPF). This contributes to retirement and health benefits provided by the government. Singaporean residents working for overseas companies must pay taxes in Singapore. Tax rates are on a scale up to 22%. Singapore is a country that does not have minimum wage laws. However, the Employment Act defines what should be part of the basic rate of pay and how it is computed. The Act also defines and sets regulations on the gross pay rate. Basic pay rateThis is used when an employee works on their rest day or a public holiday. The basic pay rate includes any wage adjustment and increment that the employee is entitled to under their contract. Gross pay rateThe gross rate of pay includes any allowances that your employee is entitled to under their contract. The gross pay rate is used for calculating pay during the following:
Work hours, breaks, and rest daysUnder normal working conditions, the number of workdays determines the number of hours an employee works per day. Employees cannot work for more than 12 hours per day. This includes their normal working hours plus paid overtime. Regular work breaks are mandated, and rest days should be one day a week, or two days for up to 12 days of consecutive working. Overtime work and paySingapore has a limit of overtime work hours for its employees. They are only allowed paid overtime up to 72 hours in a month. If an employee works on their rest day this does not count as overtime, unless the work exceeds their usual daily working hours. Overtime pay is paid at least 1.5 times the basic pay rate and should be paid within 14 days. Leave entitlements in SingaporeAnnual leaveAn employee has the right to paid annual leave after three months. The amount of leave accrues with the length of employment and reaches 14 days' leave after eight years. There are pro-rata rates for part-time workers. In addition, full-time employees receive 11 paid public holidays annually. This is a relatively low portion of annual leave (particularly in comparison to other European global hubs like London, Paris, and Berlin). International employers can take advantage of this opportunity to incentivize Singaporeans with additional annual leave provisions as a simple way to stand out from competitors. Some extra time off will not impact productivity significantly, and a growing number of progressive employers are offering leave above these guidelines. Sick leaveAn employee is entitled to 14 days paid sick leave and 60 days hospitalization leave when they meet various conditions, such as certified registration of illness. Employers are required to reimburse consultation fees of the employee unless they fall sick during their annual leave, rest days, or non-working holidays. They should receive full pay, minus any shift allowances, during their sickness absence. Childcare leaveParents are allowed either two days or six days of paid childcare leave per annum for children under seven. This difference depends on whether the child is a Singapore citizen or not. Note, this is another opportunity for a global employer to provide an additional benefit here. Equity across an international workforce will help develop harmony and trust amongst employees. Child care allowances are highly prized in the minds of team members with parents, so this provision should come into your calculations. Maternity leaveA working mother has the option of 16-weeks (GPML) if their child is a citizen of Singapore. Foreign residents are entitled to 12 weeks. Paternity and parental leaveWorking fathers who have children born on January 1, 2017, or after are entitled to (GPPL) equal to two weeks. The leave credits will depend upon the number of days they work. Partners can file for the GPPL within 16 weeks of childbirth. Statutory provisions also include shared parental leave. A working partner can of their wife’s 16-week GPML. Singapore’s social security system is one of the most developed schemes in Asia. The meets employees’ retirement, housing, and healthcare needs. Monthly contributions to the CPF go into three different accounts:
From January 2022, there will be an increase in the CPF contribution rate for senior workers. Retirement provisionsOn retiring, the CPF will transfer Ordinary and Special account funds to the employee’s Retirement Account. It has that from July 2022, the retirement age will increase from 62 to 63, and increase progressively to 65 by 2030. Employers cannot terminate someone's employment on grounds of age before they reach the statutory retirement age. There are two ways that an employee can receive their retirement income.
Health insuranceThe Basic Healthcare Sum (BHS) covers employees’ healthcare needs in old age. The funds in the BHS come from the employees’ MediSave account. CPF members have a BHS that is adjusted annually to keep pace with expected MediSave use when they reach retirement age. Once the CPF member retires, their BHS becomes fixed. Health insurance provisions can be supplemented by astute employers looking to entice and retain Singaporean employees. You should strongly consider private health insurance to give your employees access to more premium coverage. Supplemental health insurance can help employees pay for additional medical care such as emergency room visits, hospital stays, outpatient surgery, and other potential extra costs. Indeed, offering health cover, or other additional insurance benefits (like dental insurance, vision insurance, and life insurance), can be such an effective way to build trust with new hires and separate your offer from that of a competitor. Termination and SeveranceGenerally, terms of termination are covered in an employee's employment contract. However, basic principles apply through Singapore's Employment Act.
There are no specific regulations about the amount of severance pay required. These are usually stipulated in the employment contract. These generally include "retrenchment benefits" which are between two weeks' and one months' pay for every year the employee has served. Retrenchment benefits don't apply if an employee has worked for less than two years. If an employer terminates a contract for any reason, final termination payment must be paid within three days. In this one-hour webinar, you’ll get a crash course on all things global benefits, as well as a lively Q&A with real questions from business owners hiring around the world. Attracting Singaporean Talent: Additional BenefitsTo recruit and hire the best talent in Singapore, companies need to present in a local context. A strong will help you to separate your business from competitors to help you attract and retain the best talent (and even the smallest of businesses can provide for their international workers). In this very competitive global employment market, it's not enough to cover the basics, or even offer a great salary. A smart company needs to recognize that perks must be provided to its reliable employees. These benefits need to be flexible, as workers in different countries will have differing circumstances. What is seen as a valuable benefit in one country will not be prized as much in another. We’ve pulled together a shortlist of affordable but highly-prized benefits to provide a stronger work-life balance for global employees: Flexible working hoursProgressive employers have an opportunity to offer more flexible working hours. If you can demonstrate a commitment to afford your employees a solid work-life balance, you’ll find it easier to lure top-quality local talent from more traditionally-minded employers. Remote-first global teams cannot be restricted to one time zone. People who work from home also find they want to fit their work life around their need for regular breaks and downtime. Allowances for home workingPeople who work from home may not have adequate equipment, furniture, or supplies to get started quickly. Remote-first global employers can offer stipends for purchases of a desk, an ergonomic chair, and Bluetooth headphones. Additional allowances to compensate for the likely increased cost of internet, electricity, and phone contracts will also help to provide specific support for Singaporeans working from home. Value-based benefitsYou don’t have to allocate huge budgets to prepare the type of benefits package that will incentivize and motivate your employees. There are so many alternative . Here’s a quick list of comparatively affordable options to bolster your compensation package and attract the best global talent:
For more detailed information, check out you could consider. How to set up and manage benefits for global employeesCreating a globally competitive and compliant benefits package doesn’t have to be complicated. Whether you’re hiring a recruiter from Singapore, a project manager from Tunisia, or a marketing analyst from Sweden, you need to understand how benefits work in each country to stay compliant and attract the best talent. Most importantly, you need a solution that allows you to stay compliant with all of the local labor laws in each country of operation. Instead of building a fully-owned local legal entity with a specialist HR function in each new market, an employer of record (EOR) provides a cost-effective, fast, and secure alternative to help you grow your team across borders. (Not familiar with the value an EOR can provide? Read through our dedicated article explaining for a global company) When should you use an employer of record?If you don’t have an established process to manage the complicated parts of scaling global hiring (in Singapore, APAC, or abroad), an employer of record like Remote will give you immediate relief. comes with a team of dedicated local specialists with the expertise you need to create a strong benefits package, a compliant employment contract, and a competitive offer to your candidate. We’ve previously dedicated an entire guide to , but there are a few critical trigger areas where an EOR can dramatically minimize your risk:
An employer of record like Remote manages the complicated parts of international employment. The combination of Remote’s simple software hub and our team of global HR experts combine to organize all the tiny details of managing a distributed team. Remote powers your global employment while you focus on growing your business. Remote cares passionately about providing perks and benefits to enable your global team to enjoy security, stability, and work-life balance. Our team of internal HR specialists and global benefits experts are constantly working with our customers to create customized and competitive . What are employee benefits quizlet?Employee Benefits. Are indirect financial payments given to employees. They may include supplemetary health and life insurance, vacation, pension plans, education plans, and discounts.
What are Lakisha's total job benefits per year?Lakisha's employer pays $2,150 in health insurance and $86 in life insurance per year. She also gets $3,520 in paid time off per year. Her monthly gross pay is $4,370.
Which of these is an example of an employer using benefits to encourage employees?Which of these is an example of an employer using benefits to encourage employees to stay with the company? The employer offers stock options, which require the employee to work for a specific amount of time before they vest.
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