Employers to receive second tranche of Wage Credit Scheme Payouts by end March

March 23, 201510:12 am363 views
Employers to receive second tranche of Wage Credit Scheme Payouts by end March
Employers to receive second tranche of Wage Credit Scheme Payouts by end March

SINGAPORE: More than 85,000 employers in Singapore will receive about S$1.4 billion in the second tranche of Wage Credit Scheme (WCS) payouts by Mar 31, announced the Ministry of Finance and Inland Revenue Authority of Singapore in a joint statement on Thursday (Mar 19). SMEs will receive three quarters of the sum disbursed.

Eligible employers will receive a notification letter, informing them of their total payout, from the Inland Revenue Authority of Singapore (IRAS) by Mar 31. Employers can also check their eligibility on the IRAS website from Mar 20. The payout will be made via direct credit to their GIRO bank account used for income tax and GST purposes, or by cheque.

The second tranche of WCS payouts co-funds 40 per cent of the wage increases given in 2013 and 2014 to more than 650,000 eligible Singaporean employees who earned a gross monthly wage of S$4,000 and below.

The statement says the WCS, introduced in 2013 as part of the Transition Support Package, 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.

Appeals regarding the second tranche of payouts must be submitted to IRAS by June 30 for consideration on a case-by-case basis, it added..

Further information on the WCS can be found on the IRAS website, or by contacting IRAS at 1800-352-4727 or wcs@iras.gov.sg.

 

news source & image credits: channelnewsasia.com

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