Course Subsidies:

• rank-and-file workers get up to 90% course fee support
• professionals, managers, executives and technicians (PMET) are subsidised up to 80%
• cap for the absentee payroll rate is raised by 50%

Training & Skills Upgrading

• The numbers of Continuing Education and Training (CET) centres will increase from 110,000 to 220,000 by FY 2009
• There will be over 60 skills training pathways for workers of all levels

For unemployed Singaporeans, training allowances for low-skilled unemployed persons as well as jobb-matching services for all trainees upon course completion

SPUR is administered by the Singapore Workforce Development Agency (WDA) with the support of tripartite partners National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF).

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• Human Resource Development (0)

Previously, only smaller companies could qualify if their group turnover was below a certain amount, which varied between listed and non-listed companies. The enhanced financing schemes is now open to all companies

Among other measures announced is a new Bridging Loan Programme that gives companies credit of up to S$500,000 for working capital.

Small and medium-sized companies will continue to get loans under the Local Enterprise Financing scheme and the government will increase its loan default risk sharing from 50 to 80 per cent.

Small businesses with fewer than 10 employees can now borrow up to S$100,000, double the previous amount under the micro loan assistance scheme. For start-ups, the government is raising the investment cap from the current S$300,000 to S$1 million under the Start-up Enterprise Development Scheme.

It will also temporarily increase the co-match ratio from the existing 1:1 ratio to 2:1 instead. This means that start-ups will receive S$2 from the government for every one dollar an investor puts into the new firm.

And for companies expanding overseas, the government will widen the Internationalisation Finance Scheme. Under the scheme, companies can, for example, get financing to fund the expenses of secured projects overseas.

The turnover cap will be raised to S$300 million for non-trading companies and listed trading companies. This will help to increase the number of companies that qualify for the scheme.

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• File income tax for workers electronically from 2012 (0)

The six HR areas covered in the package are :

1. Manpower Planning
2. Recruitment and Selection
3. Compensation and Benefits
4. Performance Management
5. Learning and Development - Planning for and conducting activities that develop employee capabilities, knowledge and know-how to meet business, organisational and individual needs.
6. Career Management - Establishing policies and processes which enable employees to set career objectives and determine appropriate educational and developmental programmes to further develop their skills to achieve short-term or long-term career objectives.

For each of the areas the package will cover:

1. Framework and key guidelines on how to execute the HR activities and functions;
2. Tips and pointers on how to manage specific HR matters;
3. Tools and templates which companies can use immediately, or wit<p>SPRING Singapore and the Singapore Workforce Development Agency (WDA) had developed an Human Resource Capability Package to help strengthen SMEs’ ability to attract, develop and retain talent. This ‘how-to’ package comprises tools, templates and guidelines to help SMEs place sound HR systems for key areas. These range from recruitment and staffing to career development and performance management. The package will be available online at www.sgemployers.com/public/industry/hrcp.jsp. It will also have training workshops for SMEs.</p> <p>The six HR areas covered in the package are :</p> <ol> <li>Manpower Planning</li> <li>Recruitment and Selection</li> <li>Compensation and Benefits</li> <li>Performance Management</li> <li>Learning and Development - Planning for and conducting activities that develop employee capabilities, knowledge and know-how to meet business, organisational and individual needs.</li> <li>Career Management - Establishing policies and processes which enable employees to set career objectives and determine appropriate educational and developmental programmes to further develop their skills to achieve short-term or long-term career objectives.</li> </ol> <p>For each of the areas the package will cover:</p> <ol> <li>Framework and key guidelines on how to execute the HR activities and functions;</li> <li>Tips and pointers on how to manage specific HR matters;</li> <li>Tools and templates which companies can use immediately, or with some customisation, to meet company needs.</li> </ol>

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• S$600M Training Fund For All Workers (0)

1. Apply for a New Company Name
2. Transaction Status Enquiry
3. Extension of Name Reservation Period
4. Withdraw a Local Company Name Application
5. Incorporation
6. Remove Directors/Secretaries

Notable Changes to Bizfile

A notable enhancement in Bizfile is the “Status enquiry” transaction. The 3 different transactions have been merged into one “Transaction Status Enquiry”. This enables the enquirer to go into one screen to check on the status of any transaction instead of going into different screens to check the status of the 3 different transactions. The lodger may enter either the Transaction No, Application No or Name of Entity to check on the status of the transaction lodged.

In all of the bizfile enhancements transactions, after the filer has completed and submitted an online transaction, the system will display a review page before going into the payment screen. This review page will enable the filer to check the information that has been entered into the online form and confirm that the information is correct before he proceeds to make payment. If the filer needs to make changes at this juncture, he can go back to the forms and make the necessary changes and resubmit. If the filer has not printed the review page before payment, there is an enhanced feature to allow the filer to print out the transaction lodged even after payment has been made successfully.

Changes to “Apply For A New Company Name”
Currently, filers will need to do a directory search first to check the availability of a proposed company name and then proceed to submit the application for new company name. With the enhancement, filers will be able to check the availability of a proposed company name by using the “check availability” button in the same screen which they use to apply for the new company name. This will minimize the time and effort needed by the filer to complete the transaction.

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There are 2 filing options available to such companies filing financial statement in XBRL

1. Filing a full set of financial statements in XBRL (i.e. Full XBRL or Option A); or
2. Filing only its Balance Sheet and Income Statement in XBRL (i.e.Partial XBRL or Option B).

From 1 November 2007 to 30 September 2008, 78% out of a total of 8,788 financial statements filed in Partial XBRL.

Extension of Filing Option A (Full XBRL) Up to now, a company which chooses to file its full set of financial
statements in Full XBRL (Option A) for its Annual Return (AR) would have to use FS Manager to prepare its full set of financial statements for tabling at the Annual General Meeting (AGM).

In a effort to encourage more companies to prepare and file the full set of financial statements in XBRL, ACRA will also allow a company that had used FS Manager to prepare a full set of financial statements identical in content to the full set of financial statements tabled at the AGM to file under Full XBRL.

Continuation of Filing Option B (Partial XBRL)

ACRA has decided to extend Partial XBRL option for filings done beyond 1 November 2008. For Partial XBRL filing, filers will continue to file in XBRL the Balance Sheet, Income Statement and the information denoted by a red asterisk in the FS Manager.

ACRA will continue to not impose any penalty on companies other than public listed companies if the company is filing its financial statements in Full XBRL (Option A) is not more than a month later than the date prescribed by the Company Act.

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Currently, the Workplace Safety & Health (Registration of Factories) Regulations requires all factories to be registered before they can commence operations. Registration is valid for up to two years. On average, a $250 annual fee is payable upon registration and renewal. The system does not differentiate lower risk factories from the rest.

The new scheme will apply to all factories except construction worksites, shipyards, metalworking companies, wafer fabrication, petrochemical, chemical and pharmaceutical plants. They will no longer be required to pay an annual registration fee nor are they required to renew their registration. To strengthen risk management requirements,these factories will now be required to make a declaration that they have implemented risk management at their workplaces before work can commence.

Froom 1 November 2008, qualifying factories will only be required to do two things prior to the commencement of operations:

1. Make an online declaration that they have implemented risk management in their factories, and
2. Notify the Commissioner for Workplace Safety and Health of their operations via the On-line Business licensing System (OBLS).

Existing qualifying factories will be notified by MOM in November 2008, providing information on how to declare that they have adopted a risk management system.

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The SDL is also payable for employees such as casual, part-time, temporary and foreign workers rendering services wholly or partly in Singapore.

From 1 October 2008, employers must pay Skills Development Levy (SDL) contributions for all employees up to the first S$4,500 of gross monthly remuneration. Previously, employers only needed to make SDL contributions for employees who earn S$2,000 or less. The new levy rate is 0.25% or $2 per employee whichever is the highest.

Payments for the SDL should be made by the 14th day of the following month to the Central Provident Fund (CPF) Board. A penalty of 10% per annum will be imposed on the outstanding amount for late payment.

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Employers with 100 or more employees must join the scheme in 2009, while employers with less than 100 staff will participate from 2010.

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• Changes in ECI (0)