Over $1 Bil Wage Incentives Distributed to 95,000 Employers

December 23, 20203:59 pm1155 views
Over $1 Bil Wage Incentives Distributed to 95,000 Employers
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The Wage Credit Scheme (WCS) launched by Singapore govt has helped more than 95,000 employers fund the wage increases for their employees, with the total over $1 billion in payouts has been distributed.

In a statement, the Ministry of Finance and Inland Revenue Authority of Singapore (Iras) said that the next tranche of payouts will take place in March 2021. To qualify for the eighth tranche of payouts, employers must have raised the gross monthly wages of their Singaporean employees by at least $50 this year, or maintained the previous wage increase of at least $50 given in 2017, 2018 and/or 2019, or both.

To apply for WCS payouts, employers do not need to apply for it because those who are eligible will be notified by end-March on the amount they will receive.

See also: S$600 Million Wage Credit Scheme (WCS) payouts Allocated for Companies that Gave Salary Rises

Employers must also pay the mandatory Central Provident Fund contributions for this year’s staff wages to the CPF Board by Jan 14. The payouts will be credited directly to employers’ bank accounts through PayNow Corporate or Giro, Straits Times reports.

Iras and the Finance Ministry reminded employers to set up a PayNow Corporate account or register for Giro by the end of February, if they have not already done so.

This year, there were two rounds of WCS payouts. In addition to the main payout in March, employers received a second round of payouts in June as part of the $6.4 billion Unity Budget to combat Covid-19.

For more information on the scheme, employers can visit the Iras website or call its hotline on 1800-352-4727.

Read also: Singaporean Govt Extends Wage Support up to March 2021

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