New PIC Bonus scheme to encourage companies raise productivity
The government will enhance its Productivity and Innovation Credit (PIC) scheme to encourage more companies to improve productivity.
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said a new PIC Bonus scheme will be introduced.
Businesses which make use of the PIC scheme and invest at least $5,000 to improve productivity in a year will receive a dollar-for-dollar matching cash bonus.
The bonus is capped at $15,000 over three years until 2015.
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