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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Dividend
Dormant Company
Double Taxation Agreement (DTA)
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
Income Tax
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
Nominee Shareholder
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

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Wage Credit Scheme

The Wage Credit Scheme is a three-year scheme introduced in Budget 2013 which seeks to co-fund 40% of the wage increase for employers between 2013 to 2015, and this is given to Singaporean workers earning a total monthly wage of $4,000. However, Budget 2021 which was extended by another year, sought to co-fund Singaporean employee wage increases up to 15% for a qualifying gross income set at $5000.

Qualifying Eligibility Conditions

  • All Singaporean workers who have received CPF contributions from one (1) employer within three months before the qualifying year for the wage credit scheme.
  • The employer must have settled or paid the workers within the three months of the qualifying year for the scheme.
  • The Singaporean worker must have at least a fifty-dollar increase in his or her monthly wage.
  • The Singaporean worker must be solely a worker, and should not own a part of the business whether as a partner, shareholder, or proprietor.
  • The business or entity in question has to be registered in Singapore.

 

Note: Qualifying years refer to the following years; 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, and 2021. Also, the three-month requirement for these conditions needs not to be consistent.

Additional Information

The Singaporean government has the right to hold out or restrain a person from obtaining the WCS payout if the employer is found to be;

  1. Unqualified for the WCS payout.
  2. A partaker or mastermind of a criminal act that relates to the employer’s business or field of trade.

 

Application Process

This is usually done by notice from IRAS to inform eligible employers of their qualifications for the Wage Credit Scheme. As such, formal application is not required. And eligible employers would receive their payouts on the 31st March of the qualifying year.

The WCS payout is aimed at reducing the labour cost of sustaining businesses even with the rampant economic challenges of the country.