Singapore firms to receive wage credits
The euphoria never ends in the tiny Asian nation called Singapore. There seems to be something new every moment to applaud in the New Year 2017. From the budget surplus to housing grants, and new water projects that are meant to prepare for the future of unborn Singaporeans. There is the feeling that the nation is gearing up for a better future. The rave of the moment in the series of goodies for the tiny Asian growing economy is the news that amazing 85,000 companies will share a whopping six hundred and sixty-six million Singaporean dollars in the wage credit payout.
What about the wage credit scheme?
The wage credit scheme is designing in 2013 as part of a larger project called the support package. It designing to reduce the burden of increasing wages on employers. So that they can have more funds to invest in other expansion projects and share the profit accrued with their staff.
SMEs top the wage payout
The small and medium scale enterprises are the bride of the moment. They will receive 70% of the total amount to be paid. This gesture shows the relevance of SMEs to the economy of Singapore. It looks like this section of the economy strove hard to a greater height last year.
Government commitments
The government funds 20% of the eligible increases in wages in the year 2015 and 2016, to over 600,000 employed people. This fund is a good gesture from a government that determines to move the economy forward by offering incentives to both employees and employers in the nation.
Eligible companies to receive letters
Since not all firms in Singapore will be eligible, those that are qualified to share out of the largesse will be getting letters from the IRAS, before the end of March 2017, intimating them with the amount of money they will receive out of the total payout.
The payment maybe is into the beneficiaries GIRO bank accounts dedicating to the income tax and the GST matters or on-demand, the issue as checks to the firm.
With the pass at which the Singaporean economy is adjusting to make the market conducive for investors ate employees. In fact, it won’t be a surprise if major market players dump European nations and North America to relocate their businesses to Singapore. You can’t just have enough of this great nation that is ever willing to create the best investors atmosphere in Asia.
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