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Oh, so there's a large employment tax that's paid by the employer? I'm confused by your use of "withheld", which implies you might get it back at tax time. Also
by dsizzle 5y ago
Oh, so there's a large employment tax that's paid by the employer? I'm confused by your use of "withheld", which implies you might get it back at tax time. Also, if it's paid by the employer than I wouldn't call it being "withheld", I would just call it a tax paid by the employer. In the US anyway, there's a similar tax on employment that's paid by the employer but you never see it on your paycheck. You do have to pay it if you're self-employed though. Is that true in Singapore as well?
- refurb 5y agoIt’s basically forced savings. 20% of your monthly pay is taken and put into an account. You can only use that money for certain things. It’s like social security in the US but imagine if it was a bank account instead that you could access for retirement.