SINGLE family offices (SFOs) that have applied for and have been awarded tax incentives in Singapore employ about 1,400 Singaporeans and permanent residents (PRs), about two-thirds of whom are paid more than S$5,000 per month, Senior Minister Tharman Shanmugaratnam said on Thursday (Jul 6).
In a written parliamentary reply, he said the Monetary Authority of Singapore (MAS) does not have data on all SFOs in Singapore, since they do not need to be licensed by the authority. This is because they do not manage third-party assets.
MAS does however have data on SFOs that have applied for and have been award tax incentives under Section 13O and 13U of the Income Tax Act.
Among the 1,400 locals employed by these SFOs, about 900 had jobs that were created in just the last three years, said Tharman, adding that these are “generally well-paying jobs”.
Two-thirds of these locals earn more than S$5,000 monthly, while more than 400 earn between S$2,000 and S$5,000. Fewer than 50 are paid S$2,000 per month.
Tharman, who is the outgoing chairman of MAS, was responding to questions on the contributions of family offices to the Singapore economy.