What is Progressive Wage Credit Scheme (PWCS)? Let’s find out. The Progressive Wage Credit Scheme (PWCS) is a wage subsidy for workers in the cleaning, security and landscape sectors. The subsidy is tiered, with workers in the lowest wage bracket receiving the largest subsidy. The aim of the scheme is to help these workers progress to the next wage rung through on-the-job training and skills upgrading. In addition, the scheme also encourages employers to adopt productivity-enhancing initiatives.
The need of accounting and bookkeeping
- If you’re like most business owners, you didn’t go into business to become an expert in bookkeeping and accounting. But staying on top of your company’s finances is critical to keeping your business compliant and running smoothly. Fortunately, there are bookkeeping and accounting services that can take care of the financial side of your business, so you can focus on what you’re good at.
- Bookkeeping and accounting services can help you track your income and expenses, prepare financial statements, and file your taxes.
- Having someone to help manage your finances can take a lot of stress off of your shoulders. You can focus on running your business while they handle the paperwork. This way, you can be sure that everything is being taken care of properly and you’re not missing any deadlines.
Factors to keep in mind before choosing the bookkeeping and accounting service provider
- When it comes to bookkeeping and accounting for your business, there are a few key factors to keep in mind before choosing a service provider. First, you’ll want to make sure that the provider has experience with businesses in your industry. This will ensure that they’re familiar with the specific financial regulations and requirements that apply to your business.
- Next, you’ll want to consider the size of your business and its bookkeeping needs. If you have a relatively simple bookkeeping system, you may be able to get by with a less expensive service provider. However, if your business is more complex, you’ll need to choose a provider with the appropriate level of experience and expertise.
- Finally, be sure to ask about pricing and payment options before making your decision. Some providers charge hourly rates while others charge monthly or annual fees.
- When choosing a bookkeeping or accounting service, be sure to find one that is a good fit for your company. The size of your business, the industry you’re in, and your budget are all important factors to consider. This will ensure that your business is running smoothly and avoid any potential penalties.
The Singapore government has introduced the Progressive Wage Credit Scheme (PWCS) to help businesses defray the costs of raising workers’ wages. The scheme will provide co-funding for salary increases given to eligible Singaporean employees earning a basic monthly salary of up to $1,300. Employers can use the PWCS grant to offset up to 40% of the wage increase costs incurred in 2014 and 2015. This will help businesses with their accounting and bookkeeping service as they strive to adopt better wage practices.