The Government of Singapore is taking necessary steps to build a more complete society where every people living can better their life.
In 2013, the governments of Singapore are focusing on “Quality Growth” so that the wages of the people living in Singapore will go up. To make this possible, the government will support companies to improve and upgrade their productivity.
Likewise, they are also considerably slowing down the foreign workforce.
The government is also helping the Singaporeans to make the cost of living more affordable for everyone, including offering major support for the seniors. With better future for everyone, Singaporeans will benefit from key developments in different sectors like healthcare, education, transport, and housing.
The new grants in Singapore in 2013 will help Singaporeans live a better life! 1. Wages & CPF
a. Wages Credit Scheme, or WCS – Over the next three years to help businesses and workers, the government of Singapore will co-pay 40% of the wages increase of all Singaporeans. The WCS will apply to all Singaporean employees whose monthly gross earnings is more than $4,000 and who have been in the employer’s payroll for the past 3 months.
b. Workforce Income Supplement, or WIS – More workers will qualify for this scheme and their income will be raised to $1,900 each month. WIS scheme means higher payouts and more cash. Eligible workers will be sent a notification in June. Under this scheme, a 60-year old earning a monthly wage of $1,000 will gain a total WIS of $3,500 each year. After every 3 months, the $1,400 will be paid in cash, and the remaining $2,100 will go into their CPF account.
c. Productivity and Innovation Credit (PIC) Bonus – Businesses like companies, individually-owned, and partnerships that have spent at least $5,000 in any of the 6 PIC qualifying activities during the Year of Assessment, or YA, will receive a matching dollar-for-dollar bonus up to $15,000 from YA 2013 to YA 2015. This benefit is in addition to the existing PIC benefits. For more information, you need to visit the official site of IRAS.
d. Corporate Income Tax Rebate With the rising business costs, companies need to cope up with the market. To help them, the government of Singapore is offering a 30% Corporate Income Tax, or CIT, Rebate. They’ll receive up to #30,000 each YA, for three straight years, from YA 2013 to YA 2015.
e. Technology Adoption Programme A*STAR will help find solution providers for companies who require technologies. This will encourage companies from all industry to use technology to increase their productivity as well as become more innovating and offer better solutions to their clients. From July 2013, the TAP program will be pioneered in 6 different sectors, like Marine, Food Manufacturing, Construction, Precision Engineering, Retails as well as Aerospace.
e. Land Productivity Grant This programme is designed to support companies who uses land in Singapore intensely, or choose to relocate to some of their operations abroad, like in the neighboring company, while still retaining their core functions in Singapore. For in-depth information, you may want to visit EnterpriseOne!
e. SME Talent Programme The SME Talent Programme is jointly looked after by TACs and the SPRING, which is specifically designed to help SMEs attract and employ local workforce either from ITEs or polytechnics, over the next 5 years. They’ll attract local talents through a study award for students, and after successful graduation, offer them a job.
f. Market Readiness Assistance (MRA) Grant Those businesses, small and medium companies, sole-proprietorship, or partnerships who wants to access market can tap to this grant so that they can get pre-approved advice from expert consultants on key areas like market assessment, business restructuring, and market entry through internationalization.
g. SME Centres The Enterprise Development Centres (EDCs) will be now expanded and they’ll be integrated to function as one-stop SME Centres. SMEs now have a chance to access vital information and get expert advice on assistance programmes from both private organizations and the government of Singapore.
Likewise, the SME Centres will extend its outreach to cover more businesses, offering them more concerted government help as well as easier access to the schemes.
Interested to know more about Singapore Government Business Grants?
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