SINGAPORE: More than 90,000 employers in Singapore will receive more than S$800 million 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 Monday (Mar 19).
The WCS payouts co-fund 20 per cent of the qualifying wage increases given in 2015, 2016 and 2017 to more than 600,000 Singaporean employees who earned a gross monthly wage of S$4,000 and below, they said.
According to the authorities, small- and medium-sized enterprises will receive around 71 per cent of the sum disbursed.
Eligible employers will receive letters from IRAS by Mar 31 informing them of the total WCS payout they will be receiving. Those who wish to check their eligibility can also do so on the IRAS website from Mar 19.
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 WCS was introduced in 2013 to help businesses cope with rising wage costs and share their productivity gains with their employees.
AdvertisementAdvertisementIn his Budget speech last month, Finance Minister Heng Swee Keat announced that the scheme will be extended another three years to 2020 although the level of co-funding will be tapered.
Government co-funding will be maintained at 20 per cent for 2018, reduced to 15 per cent for 2019 and lowered to 10 per cent for 2020.
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