More than 95,000 employers to get Wage Credit Scheme payouts this month
These employers will receive about S$1.9 billion in payouts by Mar 31, the Inland Revenue Authority of Singapore and Finance Ministry say.
- Posted 25 Mar 2016 12:29
- Updated 25 Mar 2016 23:30
SINGAPORE: More than 95,000 employers here will receive S$1.9 billion in Wage Credit Scheme (WCS) payouts by Mar 31, according to a joint press release by the Ministry of Finance and the Inland Revenue Authority of Singapore (IRAS) on Friday (Mar 25).
Small- and medium-sized enterprises (SMEs) will receive around 70 per cent of the sum disbursed. Compared to 2015, about 10,000 more employers will be benefiting from the Scheme this year, they added.
The third tranche of WCS payouts co-funds 40 per cent of the wage increases given in 2013, 2014 and 2015 to more than 730,000 qualifying Singaporean employees who earned a gross monthly wage of S$4,000 and below, they said.
Eligible employers will receive letters from IRAS by Mar 31 informing them of the total WCS payout they will be receiving. Appeals regarding the payouts must be submitted to IRAS by Jun 30 for consideration on a case-by-case basis, the press release said.
The authorities said WCS has been extended for two more years - 2016 and 201 - with 20 per cent co-funding of wage increases given to Singaporean employees. Eligible employers will receive the WCS payouts in 2017 and 2018, respectively.
The WCS was introduced in 2013 as part of the Transition Support Package. It is intended to help businesses cope with rising wage costs so that they can free up resources to invest in productivity, and share their productivity gains with their employees.