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| Corporate Blog : 16th July 07
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Edited by VVL
SME Rebate Scheme, Up to 5K Govt Grant
The SME Rebate Scheme is a 2-year assistance scheme to help locally registered SMEs adjust to rising business costs due to the increase in employer CPF contribution rate.
Who is Eligible for the SME Rebate Scheme?
The rebates will be granted to locally registered businesses that have:
- Fixed Asset Investment (FAI) of less than S$15 million;
- Not more than 200 employees (for non-manufacturing firms).
What is the Quantity of Rebates Granted to a Firm?
The rebates are pegged to the total employer and employee CPF contributions paid by the firm over 2 years (1 July 2007 to 30 June 2009).
1st Year (1 July 2007 to 30 June 2008)
Total CPF Paid in 1st year : Quanta of rebate
First $40,000 = 2% of CPF paid (up to maximum of S$800)
Next $40,000 = 1% of CPF paid (up to the maximum of S$400)
2nd Year (1 July 2008 to 30 June 2009)
Total CPF Paid in 2nd year : Quanta of rebate
First $40,000 = 1% of CPF paid (up to maximum of S$400)
Next $40,000 = 0.5% of CPF paid (up to the maximum of S$200)
How to Apply?
To qualify for the rebates in both the 1st and 2nd years, an eligible firm can submit a one-time application at http://www/smerebate.gov.sg from 1 July 2007 to 31 July 2008.
Need More Information?
Visit the SME Rebate Scheme website at http://www.smerebate.gov.sg. For further enquiries, please email smerebate@cpf.gov.sg or call 1800-2222-888.
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