Business and Money Tips

As we know, PIC (Productivity and Innovation Credit) scheme from Government also funds businesses that train their own staff internally, i.e. do not engage outside training vendors and use their own staff to train their own people.  You can claim this under Line 4(b) in the PIC Cash Payout Form "In-house training not certified by WDA or ITE". Businesses can claim the salary cost of the trainer, not the trainees .  For example, if the HR Department incurs 20 hours every 3 months to do staff induction and staff training, they can claim the 20 hours of salary of the HR department trainers. The maximum a business can claim for Internal Training is $10,000 a year.  Since Cash claim is at 60%, businesses can get $6,000 a year or $36,000 for 6 years from 2012 to 2017.  This $10,000 must be within the overall yearly $100,000 cap for PIC Claims.  Businesses that claim PIC more than $5,000 in a year can receive the PIC Bonus automatically, which is another 100% o...

With the PIC Grant , companies can claim up to $10,000 a year on internal training, i.e. their own people conducting training for their own people.  A good example would be HR Department doing Induction for new staff.  Other than that, it has become something as common as buying stationery when companies send their staff for external training .  This is because under the PIC Bonus scheme, companies get 160% of what they spend on training.  Before you sign up for your next public course , or get the trainer to come to your premise to conduct an in-house training , make sure that your next training program has the following 5 key attributes: Mix New School with Old School .  If what the trainer is doing is to replay old school principles, there won't be much value in today's context as the world is changing rapidly.  A phrase we often use in our training in describing what needs to be today in 2014 is a "time tested tactics blended with time relevant con...

Note: click here for PIC training As we know, the PIC ( Productivity and Innovation Credit ) scheme has been in place since 2010, and has just been extended till 2017.  Under this general and generous scheme , the government gives 60% cash or 3 times additional tax deductions to businesses that invest to innovate and up their productivity. The 8 types of expenditure eligible for PIC Claims are: Training , IT Solutions, IT Hardware, Software, Automation Equipment, R & D, Intellectual Property Rights and Singapore Design Council design projects. Many employees that we talk to feel that such a scheme only benefits their employer and they cannot see any benefits accruing to them. In fact some employees told us that making PIC Claims only adds up to their already heavy work load.  It's just a government's gimmick, right? Make no mistake: the Government is serious about making Singapore's employees more productive . When employers receive money from the gover...