Singapore Business News - Restructuring Quality Growth Programme

Restructuring Quality Growth Programme has become major topic in the Singapore Budget 2013. The objective of this program is to help business owner facing competitive environment through the following scheme:

• Tighten Foreign Worker Policies
• 3 years transition Support package
• Strengthen Productivity Incentive
• Develop Capabilities for New Growth industries

Among the above, tightening up foreign worker policies and 3 years Transition Support Package for local entrepreneur had become 2 major popular topic in business community.
According to Ministry of Manpower (MOM) data, currently foreign workers form 33.6% of our total market workforce.And this amount shown a big consent which need relevant authorities attention.
The first precaution is to tightening up foreign worker policies by increase work permit levy for less skilled worker by S$150 between July 2013 and July 2015.Such implementation will give big impact on Food and Beverage and Construction industrial. This 2 industrial is very much depend on foreign workforce.
In term of S Pass application, the qualifying monthly salary will increase from S$2,000 to S$2,200 with effect from 1 July 2013.
Please bear-in mind the above changes is mainly try to reduce the level depend on foreigner workforce. Not merely replacing them with local workforce immediately.
To ease the labour clamp, business owner is stronger advise to join program called "Work Pro" to enjoy a wide range of assistance.
"WorkPro" programme which jointly developed by the Ministry of Manpower (MOM) and the Singapore Workforce Development Agency (WDA) with the objective to boost local manpower. This programme will take effect from 1 April 2013 till 31 March 2016.
Through the Work Pro, entrepreneur will able enjoy the funding support for the following:

• Job Redesign Grant ( Maximum upto S$300,000 per company)
• Work-life Grant (Maximum upto S$160,000 per company)
• Age Management Grant (Maximum upto to S$20,000 per company)

All type of business entities including societies and non profit organisation is eligible for application as long as is the Singapore registered company. For those is interesting in this programme, please do click on WDA_Enquiry@wda.gov.sg or call 6883 5885 for more detail information.
Will we facing shortage of worker? The answer is NO. The republic government has mapped out a 3 year Transition Support Package with effect from year assessment 2013 to 2015 to support all the local entrepreneur with the implementation of the following subsidies:

• Wage Credit Scheme - the Government will co-fund 40% of wage increases for Singaporean employees and this scheme will cost around $3.6 billion over 3 years.
• Productivity & Innovation Credit (PIC) Bonus - Business owner who spend a minimum of S$5000 in any of PIC activities will received a dollar for dollar matching cash bonus, is expected to cost $450 million over 3 years.
• Corporate Income Tax Rebate - Business owner will entitled to enjoy a rebate of 30% tax payable up to S$30,000 per Year of Assessment and this is expected to cost $1.3 billion over 3 years.

Please click business calculator to find out how much you can enjoy from this 3 year transition support package.
Apart from the above, government also introduce Cost saving plan for Commercial Vehicles. A one year 30% road tax rebate for commercial vehicle will be granted. This scheme will take effect from 1 July 2013.Beside that vehicle owner also can choose to renew their Certificates of Entitlement (COEs) for 10 years compare with last time is only 5 years renewal allowed.