Your start-up business is finally expanding and that is good news! You have worked successfully to get to this point and you are now looking out for talented individuals to contribute their skills and help your business take off. Upon confirming the right employee for your company, it is essential to build a professional relationship by forming a detailed employment contract in Singapore. In the event of any misconceptions or disputes, this employment contract will serve as a form of legal protection for both the employer and employee.
Some of these essential terms & conditions are usually found in a Singapore Employment Contract:
- CPF contributions – It is mandatory for employers to contribute up to 17% (depending on the employee’s age) of the wages for Singapore citizens or permanent residents.
- Bonuses – Though this is not a mandatory practice, some companies in Singapore reward their employees depending on the companies’ performance. Read on to learn the standard employment practices.
While taking on HR duties and handling the recruitment process may seem tedious, this quick guide provides details to help you gain a better understanding of crafting a straightforward employment contract in Singapore.