CPF matching by employers

[brian_singapore]

Hi,

I joined a multi-national in February and was pleasently surprised to find their pension (cpf) matching scheme was very generous (by my home country standards which usually cap around 3.5%). The matching contributions are just over 100 percent and cap in the low double digits. This seems to be generally available to all staff, not exclusively based on hierarchy.

My wife is starting her job search and we're wondering if my company's scheme is the norm or if I just got exceedingly lucky. (I completely forgot to negotiate pension as part of my package.). Should she expect the same kind of thing by default? We're wondering what is the norm so she can baseline her expectations and start negotiating from there?

As with me, she's a resonably senior it manager looking to work for the banks or for vendors in financial services supporting the banks.

Sincerely,
Brian

[PNGMK]

Hi,

I joined a multi-national in February and was pleasently surprised to find their pension (cpf) matching scheme was very generous (by my home country standards which usually cap around 3.5%). The matching contributions are just over 100 percent and cap in the low double digits. This seems to be generally available to all staff, not exclusively based on hierarchy.

My wife is starting her job search and we're wondering if my company's scheme is the norm or if I just got exceedingly lucky. (I completely forgot to negotiate pension as part of my package.). Should she expect the same kind of thing by default? We're wondering what is the norm so she can baseline her expectations and start negotiating from there?

As with me, she's a resonably senior it manager looking to work for the banks or for vendors in financial services supporting the banks.

Sincerely,
Brian

If you're talking about CPF Employer contributions... they are required by law. There is a maximum limit - $1000 from employee and $800 from employer or thereabouts. CPF feeds the SWF machines and was (is?) the keystone of a lot of Singapore's wealth and has funded some it's largest development programs (MRT/Changi).

[the lynx]

Hi,

I joined a multi-national in February and was pleasently surprised to find their pension (cpf) matching scheme was very generous (by my home country standards which usually cap around 3.5%). The matching contributions are just over 100 percent and cap in the low double digits. This seems to be generally available to all staff, not exclusively based on hierarchy.

My wife is starting her job search and we're wondering if my company's scheme is the norm or if I just got exceedingly lucky. (I completely forgot to negotiate pension as part of my package.). Should she expect the same kind of thing by default? We're wondering what is the norm so she can baseline her expectations and start negotiating from there?

As with me, she's a resonably senior it manager looking to work for the banks or for vendors in financial services supporting the banks.

Sincerely,
Brian

If you're talking about CPF Employer contributions... they are required by law. There is a maximum limit - $1000 from employee and $800 from employer or thereabouts. CPF feeds the SWF machines and was (is?) the keystone of a lot of Singapore's wealth and has funded some it's largest development programs (MRT/Changi).

I think he is talking about SRS (supplementary retirement scheme).

http://www.iras.gov.sg/irasHome/page04.aspx?id=340

[PNGMK]

Hi,

I joined a multi-national in February and was pleasently surprised to find their pension (cpf) matching scheme was very generous (by my home country standards which usually cap around 3.5%). The matching contributions are just over 100 percent and cap in the low double digits. This seems to be generally available to all staff, not exclusively based on hierarchy.

My wife is starting her job search and we're wondering if my company's scheme is the norm or if I just got exceedingly lucky. (I completely forgot to negotiate pension as part of my package.). Should she expect the same kind of thing by default? We're wondering what is the norm so she can baseline her expectations and start negotiating from there?

As with me, she's a resonably senior it manager looking to work for the banks or for vendors in financial services supporting the banks.

Sincerely,
Brian

If you're talking about CPF Employer contributions... they are required by law. There is a maximum limit - $1000 from employee and $800 from employer or thereabouts. CPF feeds the SWF machines and was (is?) the keystone of a lot of Singapore's wealth and has funded some it's largest development programs (MRT/Changi).

I think he is talking about SRS (supplementary retirement scheme).

http://www.iras.gov.sg/irasHome/page04.aspx?id=340

Naaah I don't think so... Although SRS is a great scheme (you get back $1000 for every 12750 put in every year).

[brian_singapore]

I think he is talking about SRS (supplementary retirement scheme).

http://www.iras.gov.sg/irasHome/page04.aspx?id=340

Naaah I don't think so... Although SRS is a great scheme (you get back $1000 for every 12750 put in every year).

My HR generalist is off on vacation. Tried to check the exact scheme it falls under.

Once I find out, will post it.

But my central questions are:

Are generous pension matching schemes the norm here in Singapore at multi-national banks or is my employer unique? What would be the norm for matching contributions?

Brian

[PNGMK]

I think he is talking about SRS (supplementary retirement scheme).

http://www.iras.gov.sg/irasHome/page04.aspx?id=340

Naaah I don't think so... Although SRS is a great scheme (you get back $1000 for every 12750 put in every year).

My HR generalist is off on vacation. Tried to check the exact scheme it falls under.

Once I find out, will post it.

But my central questions are:

Are generous pension matching schemes the norm here in Singapore at multi-national banks or is my employer unique? What would be the norm for matching contributions?

Brian

We can't answer unless we know what scheme you're under. If it's CPF based or an equivelant to CPF (i.e. if you're not eligible for CPF) then it's common. If it's something else...

[brian_singapore]

Took a while, but confirmed its a cpf matching scheme.

[PNGMK]

Took a while, but confirmed its a cpf matching scheme.

tHANKS

[Wd40]

Took a while, but confirmed its a cpf matching scheme.

You work for the British bank starting with B or the Swiss bank starting with C?

You are not lucky, there is nothing to negotiate, these banks give an option to all its employees to join the pension scheme aka ORSO which works exactly like CPF, except that you can withdraw it as soon as you leave the company. The only drawback is that its not tax deductible like CPF but then the returns from ORSO(in my case 15% cumulative over a period of 2 years 9 months) more than offsets the tax gains from CPF)

But these are the only 2 banks that I know of that do this, I haven't heard of any other bank or MNC that does it.