Jobs Credit Scheme
Posted by admin on Feb 20, 2009
Overview
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In the recent 2009 budget annoucement, the Finance Minister, Mr. Tharman Shanmugaratnam, has announced several ways to stimulate our economy and the most significant policy, in my opinion, is the job credit scheme. The scheme is not only having an direct impact on businesses but also savings thousands of jobs especially for Singaporeans.
Are you Eligible?
Businesses in operation that have made Central Provident Fund (CPF) contributions for their employees (Singaporeans and Permanent Residents only), with the exception of local and foreign government organisations, will be eligible for the Jobs Credit.
If the directors of an SME is currently not drawing monthly salary but director fee (as director fee is not subjected to CPF), it is time to think twice. Companies shall be eligible for the 12% jobs credit once the directors start submitting CPF. Generally speaking, the director should do so if he/she is currently servicing housing loan using CPF.
How to Calculate?
The calculation is kind of complicated but the lucky thing is that, IRAS will compute this for all companies, and therefore, we are able to work harder during this downturn while enjoying the 12% credit.
The Jobs Credit will be paid to eligible employers in 2009 in four payments: March, June, September and December 2009. And who shall be eligibel? Of course, only Singaporeans and Singapore PR.
The Jobs Credit will be computed based on the employer’s CPF contribution data, which will be provided by CPF Board to IRAS. Snow White and the Seven Dwarfs dvdrip Star Trek: Insurrection divx Young Adam hd The Jobs Credit is calculated based on 12% of the first $2,500 of the derived wage cost for each eligible employee on the employer’s CPF payroll. This means the employer will receive up to $900 per employee for each payment (12% x $2,500 x 3 months). download Die Hard dvd For more information on the Jobs Credit Scheme, please visit www.singaporebudget.gov.sg/ For other government grants and services, please visit www.361dc.com.