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MOF and IRAS announce $450M wage credits payouts for 95K employers

Author : Saipriya Iyer | Published Date : 2020-06-12 

The MOF (Ministry of Finance) and IRAS (Inland Revenue Authority of Singapore) have recently announced wage credits payouts of nearly $450 million for more than 95,000 employers. The employers will receive these payouts by 30th June.

Under these payouts, the Singapore government will co-fund 20% of the qualifying wage increases provided in 2017, 2018, and 2019 to more than 800,000 employees who earn $5,000 as the gross monthly wage.

The Wage Credit Scheme (WCS) supports various companies in their transformation as well as encourages them in sharing the productivity gains with the workers by co-funding wage increases. The WCS’s gross monthly wage ceiling has reportedly increased from $4,000 to $5,000 per month for the qualifying wage increases in 2019 and 2020. Additionally, the Government of Singapore announced an anticipated increase in co-funding levels for the qualifying wage increases from 15% and 10% in 2019 to 20% and 15% in 2020.

As per the reported statement made by Heng Swee Keat, Deputy Prime Minister of Singapore, the recent wage credit payouts will create a win-win situation for the businesses, workers, and Singapore as the government supports the businesses in innovating and increasing the workforce productivity. He further added that the government’s priority is to keep workers productive and employed as well as support the growth of viable businesses, even during the economic downturn due to the COVID-19 pandemic. He has strongly urged employers to leverage this government’s support to efficiently serve the workers by making transformation efforts and sharing the productivity gains.

Employers who are eligible for the recent Budget 2020 enhancements will obtain the supplementary payout in June. IRAS will give letters, with information on the amount they will receive, to eligible employers by the end of June. These payouts will then be credited to the registered bank accounts of the employers via Giro or PayNow Corporate. Appeals over wage payouts have to be submitted by 31st August to IRAS, which will be examined on a case-by-case basis.

Source credit:

https://www.straitstimes.com/singapore/95000-employers-to-get-450-million-in-wage-credit-payouts-by-june-30

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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