19 Mar 2021
Ref No: 190321 (1)
The Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (IRAS) have issued a joint press release to update that $940 million in payouts will be disbursed by 31 March 2021 to over 98,000 employers in Singapore under the Wage Credit Scheme (WCS).
Through this upcoming payout, the Government co-funds 15% of qualifying wage increases given in 2017, 2018, 2019, and 2020 to more than 800,000 Singaporean employees earning a gross monthly wage of up to $5,000. This will support wage increases and benefit more than 98,000 employers.
Eligible employers will receive letters from IRAS by 31 March 2021 informing them of their payout amount, and the payouts will be credited directly to employers’ registered bank accounts through PayNow Corporate or GIRO.
For a summary of the above, please refer to the following infographic prepared by MOF.
Our Warmest Regards,