Schemes For Employers & Employees

Schemes For Employers And Employees

Schemes for Employers and Employees

Learn about the various schemes that provide funding and support for employers and employees. The schemes include Workfare, WorkPro and portable medical benefits.

Learn more from MOM about various below schemes at: https://bit.ly/3p9D0Bz
learn FAQ on Tripartite Standards

Scheme

Overview of Scheme

Lean Enterprise Development (LED) Scheme

The LED Scheme helps progressive enterprises transform and grow in the new manpower-lean landscape.

What is it?

The LED Scheme supports your company to:

  • Become more manpower-lean
  • Build a stronger Singaporean core
  • Develop a better quality workforce

You can tap on the relevant assistance schemes under the LED Scheme, coordinated by a cross-agency LED taskforce comprising Enterprise SG, WSG, NTUC‘s e2i, MOM, EDB, STB, IMDA and BCA.

The LED Scheme can also provide transitional manpower support where merited, to facilitate day-to-day operations if you need more time to complete the transformation to be within the dependency ratio ceiling or quota.

You can:

  • Have temporary foreign workers while recruiting and training locals to take on better jobs.
  • Pool foreign expertise at the industry level to help transfer know-how to your local employees.

Learn more from MOM at:

  • https://bit.ly/3yxF6MZ

Part-time Re-employment Grant

 

The Part-time Re-employment Grant provides up to $125,000 to employers who commit to a re-employment policy where they would provide part-time re-employment opportunities to eligible senior workers who request for it. These arrangements benefit seniors who prefer lower work intensity, and encourage them to stay in the workforce.

To qualify, employers also have to adopt the Tripartite Standard on Age-Friendly Workplace Practices.

Learn Tripartite Standard on Age-Friendly Workplace Practices:

Learn more from MOM at:

  • https://bit.ly/3yD1HJK

Portable medical benefits for employees

 

As an employer, you can qualify for tax deductions or exemptions by implementing portable medical benefits. These schemes will enable your employees to keep their medical benefits should they change jobs.

What are portable medical benefits

Portable medical benefits are medical benefits that employees can bring with them if they change employers. This is different from non-portable medical benefits, which are lost when employees stop working or change employers.

Incentives

If you implement any of the 3 portable medical schemes, you will get a higher tax deduction for medical expenses of total employees’ remuneration. The normal tax deduction limit is 1%.

The amount of tax-deductible medical expenses, together with other tax-deductible expenses incurred, will be deducted against your income in determining your taxes payable.

Learn more from MOM at:

  • https://bit.ly/3p9kRUn

Senior Worker Early Adopter Grant

 

The minimum Retirement Age (RA) and Re-employment Age (REA) will be raised to 65 and 70 respectively by 2030. The first increases to 63 and 68 respectively will take effect from 1 July 2022.

The Senior Worker Early Adopter Grant (SW EAG) provides funding support of up to $125,000 to progressive employers who are willing and able to implement higher internal retirement and re-employment ages above the prevailing statutory ages.

To qualify, employers also have to adopt the Tripartite Standard on Age-Friendly Workplace Practices.

Learn Tripartite Standard on Age-Friendly Workplace Practices:

Learn more from MOM at:

  • https://bit.ly/3yD1HJK

Workcare

 

The Workcare initiative was introduced in 2019 to improve the work environments of our essential services workers, and strengthen public appreciation for the work that they do.

Workcare Grant

The Workcare Grant aims to promote the provision of proper and reasonable rest areas for outsourced essential services workers.

This is in line with recommendations in the Tripartite advisory on the provision of rest areas for outsourced workers to improve their well-being.

Learn Tripartite advisory on the provision of rest areas for outsourced workers:

Learn more from MOM at:

  • https://bit.ly/3FdZeb1

Workfare

 

Workfare rewards work and encourages up-skilling by supplementing the incomes and retirement savings of older lower-wage Singaporean workers, and providing funding support for their training.

Workfare is a key pillar of Singapore’s social security landscape.

What it comprises

Workfare is made up of:

  • Workfare Income Supplement (WIS) Scheme
  • Workfare Skills Support (WSS) Scheme

Who it is for

Workfare is for:

  • Older lower-wage Singaporeans who work, undergo training to up-skill themselves, or both.
  • Employers who send their older lower-wage workers for training.

For the full qualifying criteria, refer to:

Workfare Income Supplement (WIS) Scheme at:

  • https://bit.ly/3FdkJsH

Workfare Skills Support (WSS) Scheme at:

  • https://bit.ly/3sr5UyS

Learn more from MOM at:

  • https://bit.ly/3q9nHYN

 

Source of Information for all Work Passes & their related matters is from the Ministry Of Manpower & TAFEP.

You may wish to visit Ministry Of Manpower (MOM) online for detailed information and current updates.

 

Please CONTACT us if you wish to know more about this service or many other services.
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