Employment Act (Chapter 91): Primary legislation governing employment relationships in Singapore, covering basic terms and conditions of employment, salary and bonus payment regulations, and record-keeping requirements
Income Tax Act (Chapter 134): Governs the tax treatment of retention bonuses, reporting obligations, and CPF contributions implications for bonus payments
Central Provident Fund Act (Chapter 36): Regulates CPF contribution requirements for bonuses, maximum contribution limits, and computation methodology for CPF contributions
Contract Law (Common Law): Provides foundational principles for contract formation, consideration, terms and conditions, and enforceability of agreements
Personal Data Protection Act 2012: Regulates the protection of employee personal data, consent requirements, and data storage and processing obligations
Employment Claims Act 2016: Establishes dispute resolution mechanisms, handling of salary-related claims, and jurisdictional limits for employment disputes
Retention Period Definition: Key contractual consideration specifying the clear definition of the retention period and associated terms
Performance Conditions: Contractual specifications for any performance-based conditions tied to the retention bonus
Payment Terms: Detailed schedule and conditions for bonus payment, including timing and calculation methods
Clawback Provisions: Terms specifying conditions under which the company may reclaim paid retention bonuses
Termination Conditions: Specific provisions regarding the impact of employment termination on the retention bonus
Non-compete/Non-solicitation: Optional restrictive covenants that may be included in the retention bonus agreement
Tax Implications: Considerations regarding tax treatment and obligations related to the retention bonus
Confidentiality Requirements: Provisions regarding the confidentiality of the agreement terms and related information
