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Follow on Google News | What is the effect of budget 2014 on your business ?INCREASE IN LEVY FEES Number of in flow foreign worker keep increasing years by years. And this catch the authorities attention which see necessary action is needed to reduce dependency level on foreign worker. And increase levy fees is one of the effective method . With the latest budget 2014 announcement, levy for basic skilled construction worker (R2) work permit holder employed within Man Year Entitlement ( MYE) (http://www.mom.gov.sg/ For small medium size construction company, this changes may cause them cash flow problem at the same time facing challenge in arrangement of worker. INCREASE IN MEDISAVE CONTRIBUTION RATE All Employer contribution rate to their employee's Medisave account will be increase by 1% regardless what is their age group is. ( as shown in the following table) Please click http://www.biztreemgmt.com/ End
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