Commencement Of Application Period For SME Rebate Scheme
29 Jun 20071. From 01 July 2007 - 31 July 2008, Small and Medium Enterprises (SMEs) that meet the eligibility criteria of the SME Rebate Scheme can apply for the rebates online at http://www.smerebate.gov.sg.
2. The SME Rebate Scheme was announced by the Government in Budget 2007 as a 2-year assistance scheme to help locally registered SMEs cope with the increase in employer CPF contribution rate of 1.5% that will take effect from 01 July 2007.
3. The rebates will be granted to locally-registered businesses that have:
- Fixed Asset Investment (FAI) of less than S$15 million, and
- Not more than 200 employees (for non-manufacturing firms)
4. Each eligible firm will receive rebates pegged to the total employer and employee CPF contributions paid by the firm over 2 years (01 July 2007 - 30 June 2009).
1st Year (01 July 2007 - 30 June 2008) | |
Total CPF paid in 1st Year | Quantum of rebate |
First $40,000 | 2% of CPF paid (up to the maximum of $800) |
Next $40,000 | 1% of CPF paid (up to the maximum of $400) |
2nd Year (01 July 2008 - 30 June 2009) | |
Total CPF paid in 2nd Year | Quantum of rebate |
First $40,000 | 1% of CPF paid (up to the maximum of $400) |
Next $40,000 | 0.5% of CPF paid (up to the maximum of $200) |
5. Details on the scheme are available on the SME Rebate Scheme Website at http://www.smerebate.gov.sg. For further enquiries, please email smerebate@cpf.sg
MINISTRY OF FINANCE