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Singapore might be on your radar of countries to migrate to and start working in. It’s a great place to live and is ranked one of the top 10 cities in Asia-Pacific in terms of quality of living. Along with political stability, low crime rates and high-quality healthcare, Singapore also offers a thriving job market. Foreigners stand to gain from the numerous job opportunities the country offers. In the first quarter of 2022, the resident employment levels exceeded pre-pandemic levels, according to a report by Channel NewsAsia. 

When considering jobs in Singapore, whether as a mid-career professional or someone looking to switch industries, it’s important to understand the job landscape here. In this way, you can chart your career journey here and be a step closer to working in a lucrative sector. If you are vying for a managerial position, understanding the right roles to take on will also help you to get there. In this article, we list some factors to consider when applying for jobs in Singapore as well as the key industries of 2022: 

Factors to consider when choosing a job

It goes without saying that executive positions are some of the highest paying jobs in Singapore. According to a Michael Page report, C-suite roles such as Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, command high annual salaries, starting from S$300,000 and can go up to as high as S$525,000. These figures apply to roles in sectors such as Business Services, Chemicals & Engineering, Fast Moving Consumer Goods (FMCG), Financial Services & Fintech and Healthcare & Life Sciences. 

The digital transformation along with the changes brought about by the COVID-19 pandemic has also raised the profile of certain industries and heated up the job market in these sectors. Here are some of these industries you may consider when on the lookout for a job in Singapore: 

Singapore’s most promising industries

1. Banking and finance 

The Monetary Authority of Singapore (MAS) predicts that a total of 9,400 permanent jobs will be added to Singapore’s financial sector in 2022. Some examples of roles include financial analysts, compliance executives, relationship managers and risk managers. The fintech sector also shows much promise; with developments in blockchain technology, analytics, big data and artificial intelligence being applied to the financial sector to make financial services more secure. To keep in accordance with ESG principles, companies are also ensuring sustainable financial practices are in place, creating more job opportunities for professionals in this sector. 

2. Cyber security 

As Singapore gears toward becoming a Smart Nation, the Singapore government has set aside S$1 billion to ensure adequate resources are devoted to securing online infrastructure systems and protecting personal data and information. Several international cybersecurity companies like Palo Alto Networks, Ensign and Acronis have established branches here. If you’re a cyber security professional, whether a security analyst or a penetration tester, choosing to live in Singapore will prove to be an excellent choice. 

3. Manufacturing 

Manufacturing remains the Republic’s largest industry, contributing 20 to 25% of its annual GDP. Key industry clusters include electronics, chemicals, biomedical sciences, logistics and transport engineering. During the pandemic, from 2019 to 2021, biotechnology, pharmaceutical and clinical research companies recorded a multifold increase in hiring. 

4. Artificial Intelligence, robotics and data analytics 

As different sectors adopt industry 4.0 technologies, IoT connectivity and smart automation, the demand for professionals with the expertise to fill newly created roles related to tech has increased. Specialised software engineers, product engineers and developers are vital to the creation of robots, writing programming code that helps to automate tasks. Data science, analytics and machine learning also allow massive amounts of data to be collected and interpreted and for predictive analytics to offer solutions to problems. The role of the data scientist is hence growing in importance in Singapore and according to the Robert Half Salary Guide, it is one of the five in-demand jobs in Singapore.

5. Logistics and supply chain

COVID-19 has also had a significant impact on the economy. According to LinkedIn, the e-commerce sector recorded 87% growth and a 30% rise in new online consumers in 2020. As more people turn to online shopping, the logistics and supply chain industry has to also keep pace with these changes in purchasing behaviour. Hence, there is a demand for skilled and experienced professionals, such as warehouse workers and planning and supply chain executives in this sector.

Ensure you are protected with Expat Insurance

If you’re a foreigner who is looking out for job opportunities in Singapore, considering the top industries in the country can aid in your search. As you start reviewing job offers, taking note of the employee benefits package offered by your potential employer can also go a long way in ensuring that the healthcare needs of you and your loved ones are covered. Expat Insurance also offers top-up insurance that acts as an add-on to the insurance plans provided by your company. 

Speak with us today to learn more. 

When considering a move to another country, one of the big decisions you’ll have to make is whether to buy or rent a house. There are many factors to consider, including the cost of living in the new country, the availability of housing, and the length of your stay. For foreigners looking to live in Singapore, here are some questions to think about to help you decide between buying or renting a property.  

What are your future plans in Singapore?

One of the most important factors is employment stability. If you have a secure job with a steady income in Singapore, buying a property may be a practical choice as it will become an asset. It can eventually be a valuable investment, especially when the property market is on the rise. 

Of course, there are also risks associated with buying a property, such as the possibility that it could decrease in value or that you may not be able to sell it when you want to. Should you decide to sell your property within the first 3-year holding period, there is also a Seller’s Stamp Duty (SSD) of up to 12% that you will be required to pay. This is in accordance with the Inland Revenue Authority of Singapore. Therefore, if you are planning to sell your property in the near future, be sure to plan ahead to get the best possible return on your investment. 

On the other hand, if there is a chance that you may need to move for work or other reasons, it can be easier to break a lease than to sell a home. When you rent a house in Singapore, you can choose from a wide range of properties in different locations and price ranges. You also have the flexibility to relocate if your needs change. For all these reasons, renting can be a great option for people who want the convenience of a comfortable home without the hassle of ownership.

How much can you set aside for housing?

Another factor to consider is your personal financial situation. Buying a property requires a significant upfront investment, so you will need to have enough savings for the downpayment, option fee and other associated costs. In fact, the average cost of a home currently on the market in Singapore amounts to at least S$2 million. Beyond the initial purchase, homeowners are also responsible for upkeep and repairs of the property. 

If you are not ready to make the commitment of owning a home, renting can be a more affordable option on a month-to-month basis. The monthly rental costs can range from S$800 to up to S$8,000, depending on the location and type of property. You can consider renting an entire apartment, which gives you the privacy of your own space but may be more expensive. Or you can rent a room, which can be a more economical choice if you are living alone. 

If you are looking to stay in an HDB flat or bedroom, for instance, it can be rented out to you for at least six months. The maximum rental period per application will vary if you are a:

  • Malaysian citizen: Three years. 
  • Non-Malaysian non-citizen: Two years 

Bear in mind that the Non-Citizen Quota for Renting Out of Flat will apply for Non-Malaysian non-citizens. This will determine whether or not you are able to rent your selected HDB flat successfully.  

Are you able to commit to a loan?

If you are considering to buy a property, you can take a home loan as a way to finance your purchase. A home loan will allow you to spread the cost of the purchase over a period of time. If you are a first-time buyer, you can be eligible to borrow up to 75% of the property price. You will have up to 35 years or 75 years of age to repay the loan taken for freehold and leasehold property. 

However, do note that in order for your home loan to be approved, you will need a strong credit history. If you are still in the process of building your credit, you can always rent first and wait until later to buy your dream home. 

Start planning

Whether you are renting or buying a home in Singapore, it is always a good idea to have some form of home insurance in place. If something unexpected were to happen, home contents insurance can help to offset the cost of replacement for your designer furniture, fine art and other valuables. Remember that not all home contents insurance policies are the same, so it is important to read the small print carefully before taking out a policy. For more information, get in touch with Expat Insurance today. 

Having children can be fulfilling and can permanently alter our perspective on life. But the price tag that comes with raising a little one can deter some from expanding their families. According to theAsianparent, the cost of raising a child in Singapore is at least $340,000 from infancy to the age of 21. These costs involve: pregnancy and delivery, infant care childcare, education, extracurricular classes, basic necessities such as food and clothes, as well as healthcare. 

In this article we break down the costs of raising children in Singapore and how foreigners who move here can take steps to mitigate these costs with insurance: 

1. Pregnancy

The costs involved in pregnancy can be hefty. Pre-pregnancy screenings, prenatal care and prenatal classes – standard procedures to ensure your baby is developing well and your pregnancy is carefully monitored – can amount to a large fee. Pre-pregnancy screening packages with a clinic or hospital could cost you $349 to $700. Prenatal care, visits to the gynaecologist can cost somewhere between $100 to $300 during the first trimester. Prenatal classes – meant to equip you with the on-how on birthing and taking care of a new born – start from $160 and can go up to $800.

The cost of deliveries depends on the type of hospital one chooses whether a government or hospital one. Unexpected complications – premature deliveries, birth complications, and congenital conditions – can mean the cost of the delivery can multiply exponentially. For example, a C-section delivery involving serious complications can cost up to $20,438. Maternity insurance offer protection by providing financial assistance for the extra hospital stay and additional treatment costs.

2. Taking care of an infant

For the first two years of your child’s life, you would need to purchase several things. This includes setting up a nursery equipped with a baby cot, changing mat, play pen, toys baby proofing items, to ensure your infant has a safe, clean place to sleep in. You would also need a stroller and carrier for you to bring them out in. Next, you would need to buy comfy clothes.

You would also have to purchase diapers and diaper bags. For first time parents, the number of diapers your child uses throughout the day, and over the two years, can be shocking. You will have to use up four to six diapers, with an average diaper costing $2.16 per piece, that can amount to a total of $2,393 over two years. 

Items for feeding include breast milk pumps, milk bottles, bibs, infant formula milk, a baby bowl, and utensils. Formula milk is essential to your baby’s healthy development, providing them with the nutrients and vitamins so their needs are supported. But this can be rather expensive, with each tin costing an average of $50. 

3. Education 

The cost of education for your child depends on the type of schools you choose to enrol your child in. It also depends on how early you plan on sending your child to school. If you elect to send them to pre-nursery school (18 months to two years), it can start from an affordable $256.80 per month (for a half day programme) for PCF Sparkletots, the government-funded preschool, to as high as $1,978.60 per month (half day programme) for more premium schools like EtonHouse Schools. 

There are up to 70 international schools to choose from when considering a primary or secondary school education for your child. Annual fees can start from $10,000 to $15,000 and can go up $40,000. Some renowned international schools in Singapore include Tanglin Trust, Singapore American School, Dulwich College (Singapore) and Dover Court International School. What’s important is that you find a school that offers the same curriculum as you would back home or one that is recognised by international universities. 

Alternatively, you can consider enrolling your child in the local schools in Singapore. For foreigners, the annual fee is $8,000 to $15,000 – about half that of an international school. 

4. Healthcare

To ensure your child is healthy and strong, and that they are hitting their developmental milestones, frequent trips to the paediatrician are a requirement. On average, each visit can cost about $120. Sometimes children can fall seriously ill or play sports and sustain injuries. They may require special treatment or need X-rays to be done or must be hospitalised. In cases like these, you could end up having to fork out a lot of money. 

Ensure you are financially covered by getting the right health insurance that offers adequate protection for your child. While Singaporeans and Permanent Residents (PRs) have access to MediShield Life, that offers basic coverage, foreigners living in Singapore can be vulnerable in the event something happens. This makes it imperative that you take on a comprehensive insurance package.

Expat Insurance’s insurance options for children

Expat Insurance offers a range of different plans to cover your children, including life insurance, medical insurance, hospital and surgical insurance and GP & specialist insurance. Speak with our insurance advisors in Singapore to find out which plans would fit your unique needs and provide you the assistance you need when you need it most. 

When deciding to work with your company, potential candidates may be considering a number of different factors. These might include things like the salary, working environment and company culture, as well as opportunities for career growth and advancement. One of the most important factors for many employees is the availability of group medical insurance as part of their employee benefits. 

Why consider group medical insurance for your employees

Apart from Work Permit and S Pass holders, it is not mandatory for companies to provide health insurance policies. However, this type of coverage is highly valued because it protects employees against the potentially high costs of medical care and unexpected health emergencies. Group medical insurance allows employees to address their immediate health needs, whether it’s for Inpatient treatments, General Practitioner (GP) and Specialist consultations and even mental health support. Other additional healthcare benefits may also include maternity, dental and vision care. This will vary depending on what your plan offers. Bear in mind that there is usually a minimum headcount required for group policies. 

By including healthcare coverage in your employee benefits package, you can ensure the best care for the people in your company and demonstrate a strong commitment to their well-being. Not only does this help to attract top talent, but it will also make a difference in retaining existing staff. 

Whether you are a small business owner or the manager of a large corporate team, group medical insurance is one of the best ways to support the well-being of your employees and build a strong foundation for the long-term success of your organisation. Group rates are generally more affordable than those offered to individuals. This enables your business to offer employees comprehensive coverage at a competitive price. 

Local vs International Group Medical Insurance

With that in mind, the next decision to make is whether to choose an insurance provider that offers local or international group insurance plans. Here are some factors to consider: 

1. Coverage

Providing medical insurance as part of your employee benefits is ultimately the way to go. Group medical insurance can be tiered according to the needs of each company. When a company purchases group insurance for their employees, it can include inpatient and/or outpatient covering both GP and Specialist visits. Other benefits like business travel or dental care can also be included.

While group medical for employees offered by many insurers are usually meant for coverage locally, group hospitalisation policies do cover overseas emergency treatments when an employee is out of Singapore for work or play.

However, if your company employs expatriates who may need higher coverage including treatment back in their home country, an international group medical insurance plan may be ideal. That being said, there are also companies covering their local employees with an international plan – a way of attracting talents using employee benefits.

2. Access to medical care

Local group medical insurance will allow your employees to obtain quality care from healthcare providers and facilities near them. International medical insurance, on the other hand, will go one step further to give your staff access to a wider network of doctors and hospitals in different countries. Whether it is a plan that covers medical needs locally or around the globe, the bottom line is to ensure that your employees have access to the same level of support no matter where they are working. After all, nothing is more important than having quick and easy access to quality medical care when you need it most.

3. Flexibility

Perhaps the most important factor to consider is flexibility – you want a plan that will meet the needs of your employees in an adaptable way. International group medical insurance can provide a level of flexibility that is not always available with local plans. A global insurer can offer a high level of customisation along with top-notch coverage for a wide range of medical issues. 

Whether employees are based in another country temporarily or travelling for work on a regular basis, a plan with global coverage can provide peace of mind and allow your staff to focus on doing their best work. This increased flexibility makes international group medical insurance an attractive choice for any company looking to take care of their employees while they’re away from home.

International group medical insurance should also be considered if you have employees working or stationed in another country for months, and moving from place to place for projects or work. This will ensure ample coverage and a medical network within reach for your employees’ convenience. For frequent travellers, group business travel insurance is also recommended.

Get started

Overall, be sure to compare local and international plans side-by-side to see which one offers the best value. Ultimately, the best way to determine which type of plan makes sense for your organisation is to talk to us at Expat Insurance. 

By working with partners who have deep expertise in providing worldwide coverage, your group medical insurance can be more extensive and responsive to the needs of your staff – regardless of their location. 

With careful consideration, you can craft a plan that works best for your company while safeguarding the health and medical needs of all employees. For more information, get in touch with Expat Insurance today.

There are a number of reasons why someone might choose to become self-employed. For some, it is the flexibility that comes with being your own boss. You can set your own hours and work remotely, which can be a great benefit if you have other commitments such as caring for your children or elderly parents. There is also the ability to choose which projects you work on and who you partner with. 

For others, it is the simple fact that self-employment can be lucrative. There are many high-paying freelance jobs out there for those who are willing to put in the time and effort to find them. 

What comes under self-employed?

The term “self-employed” can apply to a wide range of occupations, from freelance writers and artists to lawyers, insurance agents and consultants. In Singapore, you are considered a self-employed person (SEP) if you perform work for others under a contract of service. The work should go on a per-job basis, where you are paid directly by the client rather than by an employer. 

Of course, being self-employed also comes with some unique challenges. While the process of kickstarting self-employment is relatively straightforward, there is one key restriction that applies to self-employment in Singapore: you must be a permanent resident or citizen. For expats interested in doing freelance work in the long run, you may consider either applying for an Entrepass or registering a company in Singapore. Once you have handled the administrative side of things, you can then start striking out on your own. 

Becoming self-employed is an exciting time, but it’s important to make sure you’re prepared from a financial standpoint. This is why another key concern for many SEPs is managing risk. Unlike traditional employees, SEPs typically don’t have the same level of job security or protection. This can leave you vulnerable to a number of risks, including financial instability and even legal action. For this reason, it is vital to take precautions and proactively manage these risks by looking into insurance plans. 

Types of insurance for self-employed in Singapore

Types of insurance for self-employed in Singapore

Health insurance

When you work for a company, they typically provide health insurance as part of their employee benefits. This is not the case when you are self-employed. As a result, it is important to have a good health insurance plan in place. Some may choose to go without health insurance when they’re self-employed, but this can be a risky proposition. Without insurance, you would be responsible for 100% of your medical bills. 

While health insurance may seem like a significant expense, it is crucial to remember that it is an investment in your health. If you develop a medical condition that requires frequent visits to your general practitioner (GP), the costs of these check-ups can quickly add up. Health insurance can thus help to ensure that you receive the care you need in the event of an illness or injury. 

Moreover, if you have a family, going without health insurance can put your loved ones at risk. A critical illness could leave them struggling to pay not only their medical bills but also their day-to-day living expenses. Securing health insurance is therefore an essential part of being self-employed and safeguarding your financial future.

Life insurance

Life insurance is an important consideration for anyone, but it is especially important if you are self-employed. While you may have some savings to fall back on, this may not be enough to cover your long-term needs. Should something happen to you, your family will need to find a way to replace your income. In this case, the life insurance payout will come in handy to cover any outstanding debts or final expenses. This can help to ease the burden on your loved ones during an already difficult time. 

There are many different types of life insurance policies available such as term life insurance, so it is important to work with an experienced agent to find the right policy for your needs.

Professional indemnity insurance

Apart from these individual insurance policies, you may also need protection for the type of services you offer. When you work for yourself, you’re responsible for everything – including any mistakes you might make. Whether you are a freelancer handling some legal projects or providing financial advice in Singapore, professional indemnity insurance can provide coverage in the event a client could hold you liable for their losses. 

Should you be at fault, professional indemnity insurance can help to cover the costs of legal fees and damages. Without this type of coverage, you could be left financially exposed if something crops up in your business. Having some form of liability insurance in place can minimise the financial risks associated with your work, giving you peace of mind as you pursue your entrepreneurial dreams.

Start planning

By taking the time to select the right policy for your needs, you can have the full assurance that you and your loved ones are protected financially in case of an unexpected setback. Be sure to get in touch with Expat Insurance before making the switch to self-employment in Singapore.

Life is unpredictable and we may not know what might happen to us in the future. Let’s say you’re playing soccer, and you fall and hurt your back. You go to the hospital and find that you require surgery and post-surgery physiotherapy to treat your injuries. If you don’t have hospital and surgical insurance, that would mean paying out of your pocket – and it could be quite a hefty sum. Instead of dipping into your savings, taking a loan or borrowing from friends or family – purchase hospital insurance. Having comprehensive hospital insurance to cover you when you most need it, can guarantee you peace of mind.  

In this article we explain what hospital insurance plans are, how they provide coverage, how they work together with health subsidies provided by the government and how you can select one that suits you best: 

Why do you need hospital and surgical insurance? 

Healthcare costs are rising due to medical cost inflation, hitting 10% in 2018. As Singapore faces issues such as an ageing population and increasing healthcare manpower costs, this issue is further exacerbated. Medical insurance helps individuals defray some of these costs.

Hospital and surgical insurance, also known as inpatient cover, aids in financial coverage if you incur medical expenses while being warded in a hospital. For example, if you experience a car accident, and require surgery and ward stays, the cost of these medical bills can be covered with hospital and surgical insurance. In some plans, subsequent outpatient treatments required after inpatient treatment for the same injury or illness are also covered. This can include doctor consultation fees prior to hospitalisation or follow-up visits after being discharged. 

Your employer might also provide you with an employee benefits package that includes group hospital and surgical insurance that covers you for medical expenses and hospitalisation costs. However, the coverage provided would be basic and may be insufficient to provide adequate financial assistance to you. 

How is hospital insurance different from critical illness insurance? 

Hospital insurance is a type of health insurance. As opposed to other types of health insurance, like critical illness insurance, hospital insurance is specifically meant for you to have your hospital bills reimbursed when you are hospitalised, while a critical illness (CI) insurance plan pays a lump sum if you are diagnosed with a critical illness. This can include major cancers, heart attack, kidney failure and Parkinson’s disease. The lump sum paid out by your insurance company can be used to cover not just hospital costs but your daily expenses, including food and rent, if you can no longer continue working. 

How does hospital insurance boost your MediShield?

All Singaporeans and Permanent Residents (PRs) have access to basic health insurance provided by the Ministry of Health (MOH) – known as MediShield. This provides you with basic coverage, where payouts are provided to cover stays at class B2 and C wards at government hospitals. If you would like to upgrade your coverage to be able to stay in a A or B1 ward, or at a private hospital, consider boosting your government-provided plan with a hospital insurance plan. To illustrate the range of prices across wards, we use the inpatient care cost breakdown for Singapore General Hospital (SGH): 

  • Standard Ward Type C – Up to 8 beds in a room (From S$35 per day) 
  • Standard Ward Type B2 – Up to 6 beds in a room (From S$79 per day) 
  • Standard Ward Type B1 – 4 beds in a room with attached bath room and toilet (From S$251.45 per day) 
  • Standard Ward Type A – Single room with attached bath room and toilet (From S$508.46 per day) 

If one chooses to stay in ward type B1 for a length of 25 days, the bill would amount to $6286.25. With hospital insurance, you can have a large portion of this cost covered instead of paying out of pocket. You will be able to also enjoy higher claim limits with such a plan.

The added plus of getting a hospital insurance plan is that it also comes with the perks of the services of an insurance agent. Instead of having to independently trawl through government websites, you will just have to check in with your agent. 

What to consider when choosing hospital and surgical insurance?

When deciding on hospital and surgical insurance, it’s important that you review your finances and budgets to determine how much you’re willing to set aside each month. Keep in mind that you will need to consistently pay for your premiums every month for several years. Choose one that affords you extensive coverage, and still falls within a comfortable premium amount. 

Find out more about Expat Insurance’s hospital insurance plans

Expat Insurance offers different hospital insurance plans designed to fulfil your unique needs. Our insurance advisors in Singapore will take you through the various hospital insurance options we have to help you decide on one that provides you the best coverage. 

Speak with us today.

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