From 28 May, more than 140,000 employers in Singapore are expected to benefit from wage support totalling S$4bn, as part of the enhanced Jobs Support Scheme (JSS). This was announced by the Inland Revenue Authority of Singapore (IRAS) in a press release on Sunday (17 May).
Here's what employers need to note:
- Employers need not apply for the scheme, as the cash grant will be automatically computed based on CPF contribution data as at 14 February.
- Employers encouraged to sign up for PayNow Corporate by 22 May to receive faster payouts.
- Those who have registered for PayNow Corporate by 22 May can expect to receive the payment by 28 May. The rest of the employers will receive their cheques between 3 and 5 June.
Employers are encouraged to sign up for PayNow Corporate to receive faster JSS payouts digitally. To do so, you can link your UEN / NRIC / FIN to the bank accounts via internet banking, for instantaneous approval by the banks. For assistance, employers are encouraged to approach their designated bank, the IRAS stated.
For the payment in May, as part of this enhanced JSS which was announced in the Solidarity Budget, employers will receive 75% support for the first S$4,600 of wages paid to local employees. This will be computed based on November 2019 wages, and future JSS payouts will be adjusted to account for the actual wages paid in May 2020.
As also announced earlier, the JSS has also been extended to cover the wages of local employees who are shareholders and directors (shareholder-directors) of companies. The May payment will include back-payments for companies with qualifying shareholder-directors whose wages were excluded from the first JSS payout in April 2020.
More information on this scheme can be found here.
Employers can also refer to this fact sheet for further details.
Lead photo / iStock
Table / IRAS