The Inland Revenue Authority of Singapore (IRAS) recently announced that S$840 million in payouts will be disbursed to over 99,000 employers in Singapore under the Wage Credit Scheme (WCS) by 31 March 2022. According to IRAS, this is the final tranche of payout under the WCS.
The govt has decided to extend WCS by one year during Budget 2021, as part of an effort to support wage increments so companies can build up their local workforce and emerge stronger from COVID-19. IRAS said that over $2 billion in wage credits had been disbursed in 2020 and 2021 to support employers during the pandemic.
For the upcoming payout in March 2022, the govt will co-fund 15% of qualifying wage increases given in 2021, 2020, and 2019 to more than 780,000 Singaporean employees earning a gross monthly wage of up to $5,000. About 99,000 employers will benefit from this program.
IRAS noted that employers do not need to apply to receive the payouts. Eligible employers will be notified by 31 March 2022 informing them of their payout amount. The payouts will be credited directly to employers’ registered bank accounts through PayNow Corporate or GIRO.
Any appeals regarding WCS payouts must be submitted to IRAS by 30 June 2022 and will be considered on a case-by-case basis. For further details on the WCS, employers can refer to Annex_WCS Factsheet.
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