A Deferred Salary Agreement is commonly used in Singapore when companies wish to implement retention strategies or align employee compensation with long-term business objectives. This document type has gained prominence particularly following MAS guidelines on financial institution remuneration practices. The agreement must comply with Singapore's Employment Act, CPF regulations, and tax requirements while clearly outlining the deferral mechanism, vesting conditions, and payment terms. It's particularly relevant for senior positions and regulated industries where compensation structuring requires careful consideration of regulatory requirements and risk management.
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1. Parties: Identification of employer and employee
2. Background: Context of the agreement and employment relationship
3. Definitions: Key terms used throughout the agreement
4. Deferred Salary Structure: Details of the deferral arrangement, amounts, and timing
5. Payment Terms: Conditions for payment of deferred amounts
6. Termination Provisions: Impact of employment termination on deferred amounts
1. Investment Provisions: Optional terms regarding investment of deferred amounts - include when deferred amounts will be invested
2. Clawback Provisions: Optional terms for recovering deferred amounts - include for senior executives or when required by company policy
3. Non-Competition Clauses: Optional restrictions on post-employment competition - include for senior employees or when protecting business interests
1. Payment Schedule: Detailed timeline of deferred payments
2. Calculation Methodology: Formula for calculating deferred amounts
3. Performance Criteria: Performance metrics linked to payment conditions
4. Tax Treatment Summary: Overview of tax implications and treatment
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