Accounting Firm In Singapore | Singapore Corporate Service Provider: Regulatory and Business

Job Vacancies 2016

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Job Vacancies 2016</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
5 in 10 job vacancies are PMET jobs; mainly education, healthcare, infocomm and service-related occupations</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Nearly half of all vacancies as at 30 September 2016 were for professionals, managers, executives and technicians (PMETs). The job openings were mainly education, healthcare, infocomm and service-related occupations. These are the key findings from the “Job Vacancies 2016” report released by the Manpower Research and Statistics Department, Ministry of Manpower.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The steady increase in PMET share of job openings from 39% (or 24,300) in 2013 to 48% (or 25,800) in 2016 reflects restructuring of the economy and workforce. The increase in PMET vacancies was mainly from financial & insurance services, professional services and information & communications. At the same time, there was a decline in the non-PMET vacancies, mainly in accommodation & food services, construction, wholesale & retail trade and manufacturing.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/job-vacancies-2016/" target="_blank">Job Vacancies 2016</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-job-vacancies-2016-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-job-vacancies-2016-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Job Vacancies 2016

Job Vacancies 2016 5 in 10 job vacancies are PMET jobs; mainly education, healthcare, infocomm and service-related occupations Nearly h...

Committee on Future Economy

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Committee on Future Economy</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
SINGAPORE: This country has over the years enjoyed sustained economic growth and successfully weathered many economic crises. Singapore's economy has become more diversified and people in the country today enjoy a very good quality of life. The approach taken by the Singapore government to ensure its economy remains vibrant is through the formation of special committees. Among these committees is the Committee on the Future Economy (CFE).</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The function of this committee is to examine key areas and make recommendations to chart the course of the nation's future economic growth. The CFE is a 30-member committee made up of five Cabinet ministers and 25 other members from the private sector, and was formed in December 2015 by Prime Minister Lee Hsien Loong. It is co-chaired by Finance Minister Heng Swee Keat with Minister of Trade and Industry S. Iswaran, while the other ministers are Education Minister (Higher Education and Skills) Ong Ye Kung, Minister for National Development Lawrence Wong and Minister in the Prime Minister's Office Chan Chun Sing. The other members include leaders from different industries in both global and domestic markets, as well as large and small enterprises.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
In its latest report on Feb 9, 2017, the CFE outlined seven strategies for the next decade to help the nation's economy grow in this current challenging global environment. Heng said there have been numerous technological breakthroughs which had brought significant changes to the global economy and these had posed a great challenge to the committee when it began working. “What the CFE aims to do is to set out the direction and broad strategy rather than a detailed roadmap, It is much harder to say with any certainty which sectors will do well. And the nature of the economy interactions are vast, complex and fast changing," he said.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The CFE has over the past year, held more than 80 discussions and focus groups and engaged more than 9,000 stakeholders. These included trade associations, public agencies, unions, companies, executives, workers, academicians, educators and students.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The seven strategies:</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/committee-on-future-economy/" target="_blank">Committee on Future Economy</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-committee-on-future-economy-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-committee-on-future-economy-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Committee on Future Economy

Committee on Future Economy SINGAPORE: This country has over the years enjoyed sustained economic growth and successfully weathered many ...

Singapore Set To Become Top Choice For Arbitration

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Singapore Set To Become Top Choice For Arbitration</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
SINGAPORE: On January 10, this year, Parliament passed amendments to the Civil Law Act which paves the way for businesses involved in international commercial arbitration cases here to get third party funding (TPF).</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
TPF basically refers to proceedings funded by an entity unconnected to a dispute. This development opens a significant new market for funders worldwide and further asserts Singapore's eminence as an arbitral centre and paves the way for further reform.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Among others, the Act:</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
- abolishes the common law torts of champerty and maintenance (which restricted the use of third party funding)</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
- allows lawyers to recommend third-party funders to their clients provided the lawyers do not receive any direct financial benefit from such recommendations.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
- Allows conditions to be imposed on third-party funders. Funders who do not comply with these conditions will not be able to enforce their rights under their third-party funding contracts.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
According to reports, the passing of the amendments will likely encourage more investments into international arbitration proceedings in Singapore, which would make the nation a more attractive forum to conduct international arbitration.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The recent development is also in line with the position taken in other major seats of international commercial arbitration such as the United Kingdom, the United States and Hong Kong where third-party funding is already permitted or being considered.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Over the years, the number of disputes and value of claims resolved by arbitration in Singapore have increased and recent treaties, such as the Trans-Pacific Partnership Agreement (TPPA) indicate a further shift towards resolving more disputes in Singapore.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/singapore-set-to-become-top-choice-for-arbitration/" target="_blank">Singapore Set To Become Top Choice For Arbitration</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-singapore-set-to-become-top-choice-for-arbitration-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-singapore-set-to-become-top-choice-for-arbitration-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Singapore Set To Become Top Choice For Arbitration

Singapore Set To Become Top Choice For Arbitration SINGAPORE: On January 10, this year, Parliament passed amendments to the Civil Law Act...

Improving Re-employment Opportunities for Older Workers

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Improving re-employment opportunities for older workers</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Retirement and Re-employment (Amendment) Bill 2016 and Revised Tripartite Guidelines on the Re-employment of Older Employees</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The Retirement and Re-employment (Amendment) Bill 2016 was passed by Parliament on 9 January 2017.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
In April 2016, MOM announced that following extensive tripartite consultations, the tripartite partners had agreed for the following to take effect from 1 July 2017:<br />- raise the re-employment age from 65 to 67;<br />- introduce an option to allow eligible employees to be re-employed by another employer to increase labour market flexibility; and<br />- remove option of employers cutting employees’ wages at age 60.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The Retirement and Re-employment (Amendment) Bill 2016 amends the Retirement and Re-employment Act (RRA) to effect the above changes from 1 July 2017.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/improving-re-employment-opportunities-for-older-workers/" target="_blank">Improving Re-employment Opportunities for Older Workers</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-re-employment-opportunities-for-older-workers-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-re-employment-opportunities-for-older-workers-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Improving Re-employment Opportunities for Older Workers

Improving re-employment opportunities for older workers Retirement and Re-employment (Amendment) Bill 2016 and Revised Tripartite Guideli...

Singapore: Taking Up Secondary Directorship for Employment Pass Holders

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Singapore: Taking Up Secondary Directorship for Employment Pass Holders</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The Ministry of Manpower (MOM) has announced new rules in place for companies appointing <a href="https://www.3ecpa.com.sg/services/immigration/singapore-employment-pass/" title="Employment Pass (EP)">Employment Pass (EP)</a> holders as directors. Eligible companies can appoint EP holders from another related company to their Board of Directors, but with an Letter of Consent (LOC) from the MOM. In other words, the LOC must be obtained first before the EP holder takes up any secondary directorship.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Generally, MOM will grant an LOC in the event of approval</div>
<ul style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px;">
<li>If the company is “related by shareholding” to the employment pass holder’s employer and</li>
<li>If the pass holder’s appointment is related to his or her primary employment in Singapore.</li>
</ul>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The recently announced new requirements will apply prospectively,</div>
<ul style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px;">
<li>Those companies who had appointed EP holders from other companies as their directors must apply a consent letter for the pass holder.</li>
<li>LOC must be renewed in the case that the employee is to continue serving as a company director.</li>
</ul>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
New rules at a glance:</div>
<ul style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px;">
<li>Who is eligible: Employers seeking to appoint EP holders to their board of directors.</li>
<li>How long does it takes: within 5 weeks</li>
</ul>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
How to apply for LOC:</div>
<ul style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px;">
<li>Make sure that your company has an updated shareholding records with ACRA.</li>
<li>Complete and sign the <a data-mce-href="http://www.mom.gov.sg/~/media/mom/documents/services-forms/passes/request-for-ep-holder-to-be-on-board-of-directors.pdf?la=en" href="http://www.mom.gov.sg/~/media/mom/documents/services-forms/passes/request-for-ep-holder-to-be-on-board-of-directors.pdf?la=en" target="_blank" title="Request Form">request form</a>.</li>
<li>Submit a scanned copy of the signed form <a data-mce-href="http://www.mom.gov.sg/eservices/services/isubmit" href="http://www.mom.gov.sg/eservices/services/isubmit" target="_blank" title="iSubmit">using iSubmit</a></li>
</ul>
<div>
<span style="color: #333333; font-family: normal arial, helvetica, sans-serif;"><span style="font-size: 14px;">Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/singapore-taking-up-secondary-directorship-for-employment-pass-holders/" target="_blank">Singapore: Taking Up Secondary Directorship for Employment Pass Holders</a></span></span></div>
<div>
<span style="color: #333333; font-family: normal arial, helvetica, sans-serif;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-taking-up-secondary-directorship-for-employment-pass-holders-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-taking-up-secondary-directorship-for-employment-pass-holders-1200x628.jpg" width="320" /></a></div>
<div>
<span style="color: #333333; font-family: normal arial, helvetica, sans-serif;"><br /></span></div>

Singapore: Taking Up Secondary Directorship for Employment Pass Holders

Singapore: Taking Up Secondary Directorship for Employment Pass Holders The Ministry of Manpower (MOM) has announced new rules in place f...

Personal Income Tax Filing Season for Year 2016 in Singapore

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Personal Income Tax Filing Season for Year 2016 in Singapore</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Time to file your Singapore personal tax return</h3>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Singapore’s personal income tax year is from 1 January to 31 December and income is assessed on a preceding year basis. Annual personal tax returns for Year 2016 must be filed with IRAS by 15 April 2017.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
In 3E Accounting, we provide one stop solution for your business, including the following:<br />– Register new tax payers<br />– Request for extension of deadline for your personal tax<br />– Prepare Form IR8A/IR21 for employees<br />– Advise on corporate and personal tax concerns<br />– AIS submission<br />– Corporate tax submission and advisory</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
IR8A Deadline Reminder</h3>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The season for personal tax filing is approaching once again and as an employer, you must prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for all your employees including directors (who are employed in Singapore) by 1st Mar each year.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>
<h3 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Auto-Inclusion Scheme for Employment Income (“AIS”)</h3>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Employers who have 10 or more employees for the entire year ending 31 Dec 2016 or who have received the “Notice to File Employment Income of Employees Electronically” must submit their employees’ income information to IRAS electronically by 1st Mar 2017.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
If you participate in the AIS for Employment Income, you do not need to issue Form IR8A to your employees. However you may wish to provide your employees with a separate statement of earnings for their records.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/personal-income-tax-filing-season-for-year-2016-in-singapore/" target="_blank">Personal Income Tax Filing Season for Year 2016 in Singapore</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/image-personal-income-tax-filing-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/image-personal-income-tax-filing-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Personal Income Tax Filing Season for Year 2016 in Singapore

Personal Income Tax Filing Season for Year 2016 in Singapore Time to file your Singapore personal tax return Singapore’s personal inc...

Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The Government has considered and accepted the recommendations contained in the report of the Tripartite Cluster for Cleaners (TCC) dated December 2016 on the enhancements to the Progressive Wage Model (PWM) for the cleaning sector, which was released today. The PWM enhancements will benefit over 40,000 resident cleaners who are employed by more than 1,200 cleaning businesses.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The Government notes that the TCC’s recommendations are an important enhancement over the original recommendations published in 2012. The recommended PWM wage schedules (Annex C in the TCC report dated December 2016) comprising annual adjustments to the PWM basic wage over the next 6 years and the inclusion of an annual bonus for cleaners from 2020 onwards will improve the overall remuneration package for cleaners and ensure they experience sustained wage growth. Setting out in advance the PWM adjustments over the next 6 years will also provide cleaning businesses and service buyers greater certainty when planning for future cleaning contracts.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The Government also supports the TCC’s recommendation to encourage employers to pay increments to better performing, more experienced and productive workers, above the PWM wage levels, and subject to min-max ratios as recommended by the TCC.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/government-accepts-recommendations-to-enhance-the-progressive-wage-model-for-cleaning-sector/" target="_blank">Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector</a><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-enhance-the-progressive-wage-model-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-enhance-the-progressive-wage-model-1200x628.jpg" width="320" /></a></div>
<br /></div>

Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector

Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector The Government has considered and accepted t...

Wage Credit Scheme Payouts for 2017

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Wage Credit Scheme Payouts for 2017</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Employers are reminded to make CPF contributions for employees by <span class="aBn" data-mce-tabindex="0" data-term="goog_50769372">16 Jan 2017</span> to receive Wage Credit Scheme payouts</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Employers of eligible Singaporean employees are reminded to make the full <a href="https://www.3ecpa.com.sg/blog/central-provident-fund-cpf-comprehensive-social-security-savings-scheme/" target="_blank" title="CPF Social Security Saving Scheme">CPF contributions</a> for these employees by <span class="aBn" data-mce-tabindex="0" data-term="goog_50769373">16 January 2017</span> in order to receive the fourth tranche of Wage Credit Scheme (WCS) payouts in March 2017.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
To qualify for the fourth tranche of the WCS payout, employers must fulfil the following conditions:</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
- Have given Singaporean employees a wage increase of at least $50 in 2016 and/or have sustained the wage increases (at least $50) previously given to employees in 2015; and<br />
- Have paid the employees’ mandatory CPF contributions for 2016 wages to the CPF Board by <span class="aBn" data-mce-tabindex="0" data-term="goog_50769374">16 January 2017</span>.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Employers do not need to apply to receive the WCS payouts. Eligible employers will receive letters from the Inland Revenue Authority of Singapore (IRAS) by March 2017 informing them of the amount of WCS payout they will be given. The payouts will be credited directly into the employers’ bank accounts or issued as cheques to employers.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The WCS forms part of the Transition Support Package announced in <a href="https://www.3ecpa.com.sg/resources/singapore-budget/singapore-budget-2013-summary/" target="_blank" title="Singapore Budget 2013 Summary">Budget 2013</a>.  The Government extended the WCS for two more years, until 2017, to give businesses more time to adjust to rising wages in the tight labour market. Under this extended scheme, the Government co-funds 20% of the wage increases given to Singaporean employees earning a gross monthly wage of $4,000 and below. This allows businesses to free up resources for investments in productivity, and share the productivity gains with their employees.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/wage-credit-scheme-payouts-2017/" target="_blank">Wage Credit Scheme Payouts for 2017</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-wage-credit-scheme-payouts-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-wage-credit-scheme-payouts-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Wage Credit Scheme Payouts for 2017

Wage Credit Scheme Payouts for 2017 Employers are reminded to make CPF contributions for employees by 16 Jan 2017 to receive Wage Credi...

Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
ACRA had previously informed the Companies that following legislative changes in the Companies (Amendment) Act 2014, private companies are required to update shareholder information to facilitate ACRA’s maintenance of electronic Registers of Members (EROM) of private companies effective 3 Jan 2016.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Companies were given up to 6 months to update their shareholder information, unless their annual return filing due date falls before 3 Jul 2016. In June 2016, taking into account feedback from companies, private companies with annual filing dates after 4 Jul 2016 but before 3 Jan 2017 were given an extended timeline of up to 3 Jan 2017 to update shareholder information.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
With effect from 3 Jan 2017, private companies that have yet to update shareholder information in the EROM will not be able to file their <a data-mce-href="/blog/filing-annual-returns-with-acra/" href="https://www.3ecpa.com.sg/blog/filing-annual-returns-with-acra/" target="_blank" title="Annual Returns with ACRA">annual returns with ACRA</a> until the EROM has been updated.  To avoid any delay in filing their annual returns, companies should update their shareholder information as soon as possible. The updating should be done using the “Notice to Update EROM and Paid Up Share Capital” form in BizFile+, which can be filed free of charge. Any further updates to the EROM as and when changes happen, can also be filed free of charge.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/companies-that-have-yet-to-update-shareholder-information-with-acra-will-not-be-able-to-file-annual-returns-effective-3-jan-2017/" target="_blank">Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-update-shareholder-information-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-update-shareholder-information-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)

Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017) ACRA h...

Mandatory retrenchment notifications from 1 January 2017

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Mandatory retrenchment notifications from 1 January 2017</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
A new requirement on mandatory retrenchment notifications will take effect from 1 January 2017. The tripartite partners have issued an advisory to guide employers on complying with this requirement.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Under the Workforce Singapore Agency Act, employers will need to notify the Ministry of Manpower (MOM) of retrenchments within 5 working days after they provide notice of retrenchment to affected employees, if 5 or more employees are retrenched within a 6-month period beginning 1 January 2017. Failure to notify within the required timeline is an offence and may be liable on conviction to penalties, including a fine not exceeding $5,000.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/mandatory-retrenchment-notifications-from-1-january-2017/" target="_blank">Mandatory retrenchment notifications from 1 January 2017</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-mandatory-retrenchment-notifications-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-mandatory-retrenchment-notifications-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Mandatory retrenchment notifications from 1 January 2017

Mandatory retrenchment notifications from 1 January 2017 A new requirement on mandatory retrenchment notifications will take effect from ...

Conditions of Employment 2016

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Conditions of Employment 2016</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Greater adoption of work-life initiatives by employers</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
More employers are providing ad-hoc flexible work arrangements and leave benefits to help employees cope with personal and family commitments.  Firms that implement work-life initiatives tend to have lower employee turnover. These are the key findings from the “<a href="http://www.mom.gov.sg/newsroom/press-releases/2016/1121-conditions-of-employment-2016" target="_blank" title="Conditions of Employment 2016">Conditions of Employment 2016</a>” report released by the Manpower Research and Statistics Department, Ministry of Manpower.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/conditions-of-employment-2016/" target="_blank">Conditions of Employment 2016</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-conditions-of-employment-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-conditions-of-employment-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Conditions of Employment 2016

Conditions of Employment 2016 Greater adoption of work-life initiatives by employers More employers are providing ad-hoc flexible work ...

Changes in SSIC code for Business Activity for some Business Entities

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Changes in SSIC code for Business Activity for some Business Entities</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px;">
<div style="margin-bottom: 10px; padding: 0px;">
Due to changes in the Singapore Standard Industrial Classification (SSIC) issued by the Department of Statistics, the SSIC code for the business activity of some business entities will change. SSIC 2015 incorporates recent changes in economic activities to better reflect the current structure of Singapore’s economy and will be applied to all business entities registered in Singapore on BizFile+.</div>
<div style="margin-bottom: 10px; padding: 0px;">
Effective 5 Nov 2016, ACRA has updated our business registration database to align with the SSIC 2015. As part of the update, the previous SSIC code for the business activity of some business entities has been converted to new SSIC codes that most closely reflects the business activity. Affected business entities have been notified and will have the option to lodge a change of the new SSIC code assigned to them free of charge, via BizFile+ .</div>
<div style="margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/changes-in-ssic-code-for-business-activity-for-some-business-entities/" target="_blank">Changes in SSIC code for Business Activity for some Business Entities</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-changes-in-ssic-code-for-business-activity-for-some-business-entities-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-changes-in-ssic-code-for-business-activity-for-some-business-entities-1200x628.jpg" width="320" /></a></div>
<div style="margin-bottom: 10px; padding: 0px;">
<br /></div>
</div>

Changes in SSIC code for Business Activity for some Business Entities

Changes in SSIC code for Business Activity for some Business Entities Due to changes in the Singapore Standard Industrial Classification...