Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
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Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
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Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

W

Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Job Support Scheme (JSS)

Under the Unity Budget, the Job Support Scheme (JSS) was initiated in February 2020 to mitigate the salary shortage on workers whose work scheme was cut short or working hours were reduced due to the pandemic of 2019. The support scheme was more apparent due to COVID-19, which created the worst recession for Singapore. Still, JSS was established to aid labor costs for business, a weak job market, and economic uncertainty in Singapore.

This support scheme has, on numerous occasions, been extended. However, the salary support was for specific business sectors. You can check if your business falls within the eligible business sector for JSS payout through Singapore Standard Industrial Classification (SSIC) Code.

Eligibility Criteria

  1. The salary support is admissible to active employers, exempting those in Governmental offices both home and abroad and representing offices. 
  2. Employers must have kept up with the mandatory CPF contribution for their local workers, including Singapore citizens and Singapore Permanent Residents (PRs). 

NOTE: Not all employers are eligible for the JSS payout. Check if your business does not fall within the exclusion list. In addition to this list, any employer who works in their personal capacity, for example, may hire a private driver, personal chef, etc., would not be eligible for the JSS payouts.

How to Apply?

There is no direct way to apply for the JSS payout. Likewise, the Jobs Growth Incentive (JGI), IRAS would notify employers eligible for this payout and let them know the amount they are qualified to get. However, if an employer wants to refuse such payouts, it can be done by signing up for a decline of payout. In other circumstances, employers can also return the payout even after it has been sent to the employer’s account. 

It is important to note that this support scheme was extended by Budget 2021 to come to an end by September 2021. Therefore, this support scheme has ended.