Second tranche of Wage Credit Scheme Payouts

Employers are reminded to make the full CPF contributions for their employees by 14 January 2015, in order to receive the second tranche of Wage Credit Scheme (WCS) payouts in March 2015.

 

The Government introduced the WCS in 2013 as part of a 3-year Transition Support Package to help businesses cope with rising wage costs in a tight labor market. The WCS co-funds 40% 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.

 

To qualify for the second tranche of the WCS payout, employers must fulfill the following conditions:

 

(a) Have given Singaporean employees a minimum wage increase of at least $50 in 2014; and/or

(b) Have sustained the wage increases (at least $50) previously given to employees in 2013; and

(c) Have paid the employees’ mandatory CPF contributions for 2014 wages to CPF Board by 14 January 20152.

 

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 2015 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.

 

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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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