PR or Permanent Residence status is Singapore’s second most privileged immigration status. It comes right after Singapore citizenship. A Singapore PR enjoys many privileges, such as freedom of stay even if job is lost, work in job or start business, and purchase property at lower tax rates in the city-state. In addition, you become a member of Singapore’s local community and get preferential treatment in jobs, medical facilities and many more.
Being a PR, your children will get priority in Singapore’s public education. You will not need to obtain a work visa whenever you switch jobs. You also become eligible for CPF contributions from your employer.
However, these rights mean that the Singapore government can enforce responsibilities on you meant for Singapore locals. For instance, your male children must serve in NS once they get 18 years old.
In a way Singapore PR is very similar to USA Greencard, or UK Leave to Remain. Also countries like Australia and Canada have their own respective PR programs.