The 2 Crucial Changes to PIC from 2015 Onwards

(Read also 'Move over PIC, now it's Training Credit' at here)

Following my over 9 articles on PIC (read one of them here), these are the 2 changes to PIC from 2015 onwards. Note: there is this course on PIC at here.

1. PIC Bonus of up to $15,000 will cease to exist

This means that the last financial year to get your PIC bonus is 2014. What this means is that in this year of 2015, you can still get PIC Bonus for your PIC claims made in 2012 to 2014. Note: the PIC Bonus is an automatic scheme, i.e., you don't need to apply. The IRAS will automatically give you the PIC bonus as long as your PIC claims is $5,000 or more. The PIC Bonus is another 100% of the PIC Claims that you made, on top of the 60% cash that you get. The cap is $15K for the years 2012 to 2014.

2. Three Employees Requirement every month.

Companies need to have 3 CPF employees every month in the quarter that they're submitting. Before 2015, companies only need to have 3 CPF Employees in the qualifying month (i.e. the month where you made the claim.

Note that the '3 CPF Employees' exclude directors and shareholders and their immediate families. It includes Singaporeans and Permanent Residents.

By Andy Ng, Chief Trainer Coach of Asia Trainers, see our courses at here. Related articles:

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