Top Schemes

• Senior Employment Credit (SEC), CPF Transition Offset (CTO) and Enabling Employment Credit (EEC)

  • At Unity Budget 2020, the Government announced the Senior Worker Support Package (which includes SEC and CTO) to support employers in implementing the key recommendations by the Tripartite Workgroup on Older Workers on increasing the Retirement Age, Re-employment Age, and CPF contribution rates of senior workers. The EEC was also announced as a new wage offset scheme to support the employment of persons with disabilities.

• Jobs Support Scheme

  • The Jobs Support Scheme (JSS) was launched in Budget 2020 to help enterprises retain their local employees (Singapore Citizens and Permanent Residents) during this period of economic uncertainty. The Jobs Support Scheme has been enhanced with higher support level and longer support duration.

• Jobs Growth Incentive

  • The Jobs Growth Incentive (JGI) was announced on 17 Aug 2020 to encourage employers to accelerate their hiring of local workforce from September 2020 to September 2021 (inclusive), so as to create good and long-term jobs for locals. The JGI will provide up to 12 months of salary support for each non-mature local hire and 18 months of salary support for each mature hire, person with disability or ex-offender hired by employers that managed to increase their local workforce within the qualifying window.

• Wage Credit Scheme

  • The Wage Credit Scheme (WCS), introduced in 2013, aims to support businesses embarking on transformation efforts and encourage sharing of productivity gains with workers. Under the Scheme, the Government will co-fund qualifying wage increases given to Singapore Citizen employees. For 2020 and 2021, the co-funding ratio is 15% and the qualifying gross wage ceiling is $5,000. Only Employers are eligible for the co-funding.

• Productivity and Innovation Credit (PIC)

  • Under the PIC Scheme, businesses can enjoy 400% tax deductions/allowances and/or 60% cash payout for investments made in any of the Six Qualifying Activities from the Years of Assessment (YAs) 2013 to 2018.

   

• SkillsFuture Enterprise Credit

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    For more information, please refer to Enterprise Singapore announcements in 2020 Budget Statement.