Employers reminded to make CPF payments by Jan 14 to enjoy WCS payouts
- POSTED: 18 Dec 2013 15:49
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Employers in Singapore have been reminded to fully pay the CPF contributions of their employees' 2012 and 2013 wages by 14 January 2014 in order to enjoy the first tranche of the Wage Credit Scheme (WCS) payouts at end-March 2014.
SINGAPORE: Employers in Singapore have been reminded to fully pay the CPF contributions of their employees' 2012 and 2013 wages by 14 January 2014 in order to enjoy the first tranche of the Wage Credit Scheme (WCS) payouts at end-March 2014.
The Wage Credit Scheme was introduced by the government for the period 2013 to 2015 as part of the three-year Transition Support Package to help businesses cope with rising wage costs in a tight labour market.
Under the WCS, the government co-funds 40 percent of wage increases given to Singaporean employees earning a gross monthly wage of S$4,000 and below.
This allows businesses to free up resources to make investments in productivity, and to share the savings with their employees.
The Finance Ministry said there is no need to apply for the WCS. Eligible employers will automatically receive the WCS payouts based on the CPF contributions they have paid for their employees' 2012 and 2013 wages.
The first payout will be at the end of March 2014, for wage increases given to employees in 2013 over 2012.
Only CPF contributions made by January 14 will be considered in the calculation of wage increases which qualify for WCS.
For further information and assistance on the WCS, employers may refer to the "Frequently Asked Questions" on the IRAS website or contact IRAS at 1800-352-4727 or email@example.com.