Retirement may not be a choice for some seniors.
This could be due to a lack of good financial planning in their early days.
But it is still important to be updated with the current rules and regulation of employment so you can stay protected from horrible employers.
In this article, Payboy will explore the various truths of the MOM employment acts.
The Employment Act does not apply to ALL employees
The employment acts apply to employees bringing up to $4500/monthly irrespective of these employment type (fulltime, freelancer, part-time, etc.).
This excludes sailors, domestic workers, and civil servants.
Not all employees claim overtime (OT)
Only employees within a pre-determined salary range are allowed to claim OT for working beyond regular working hours.
There IS a limit to both hours of work and overtime (OT)
Workers who are covered by the Employment Act are only allowed to work 44 hrs weekly for a period of 3 weeks; an average will be taken.
For overtime work, they are only allowed a max of 72 OT hours per mth.
CPF is not only payable for full-time employees
CPF is payable for all workers who are Singapore Citizens or Permanent Residents. This includes part-timers, contract workers, and freelance workers.
Here is a handy-dandy CPF calculator by CPF Board to make sure that you calculate it right for yourself.
It is important to counter check as mistakes can be made.
This is not all, here’s a video to illustrate this further