Singapore Budget 2015 - #20
- Details
In Budget 2014, the Government announced a one-year Temporary Employment Credit (TEC), which provides employers an offset of 0.5% of monthly wages to help them adjust to the increase in Medisave contribution rates which took effect in January 2015.
Budget 2015 will provide enhancements to the TEC in two ways:
a. Raise the TEC to 1% of wages in 2015, to provide employers with additional support for labour costs
b. Extend the TEC by two years, with effect from Jan 2016. There will be an additional TEC of 1% of wages in 2016 and 0.5% of wages in 2017
Source: MOF #SGBudget2015
Singapore Budget 2015 - #17
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The Transition Support Package (TSP) has been an important source of support to companies since it was launched in 2013.
It has three parts: the Wage Credit Scheme (WCS), Corporate Income Tax (CIT) Rebate, and the Productivity and Innovation Credit Bonus (PIC Bonus).
The TSP is meant to be transitional and is estimated to disburse $7.5 billion over three years to help businesses cope with rising costs as they restructure. The Government will phase out WCS gradually and extend the CIT rebate, but will end the PIC bonus.
Source: MOF #SGBudget2015
Singapore Budget 2015 - #16
- Details
Singapore’s productivity level today is 13% higher than what it was at the start of our restructuring journey in 2009.
There is a stark difference between productivity growth in industries where our businesses compete internationally, and in those where businesses compete in the domestic market.
Every sector can achieve a lift in productivity. Firms need to rethink business strategies, break the mould by finding new ways of growing their revenue. They can also take advantage of government grants and incentives
Source: MOF #SGBudget2015
