Singapore News


In Budget 2014, the Government announced a one-year Temporary Employment Credit (TEC), which provides employers an offset of 0.5% of monthly wages to help them adjust to the increase in Medisave contribution rates which took effect in January 2015.
Budget 2015 will provide enhancements to the TEC in two ways:
a. Raise the TEC to 1% of wages in 2015, to provide employers with additional support for labour costs
b. Extend the TEC by two years, with effect from Jan 2016. There will be an additional TEC of 1% of wages in 2016 and 0.5% of wages in 2017


Source: MOF  #‎SGBudget2015‬