These employers would have given wage increases to more than 800,000 Singaporean workers earning a gross monthly wage of up to S$5,000, in 2017, 2018, 2019, and 2020. A total of S$940mn will be disbursed by the end of the month.
More than 98,000 employers in Singapore are set to benefit from the Government's extended Wage Credit Scheme (WCS) by the end of March 2021. A total of S$940mn will be disbursed under the Scheme by then.
These employers would have given wage increases to more than 800,000 Singaporean workers earning a gross monthly wage of up to S$5,000, in 2017, 2018, 2019, and 2020, the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (IRAS) stated on Thursday (18 March 2021).
In a Facebook post on the same day, Deputy Prime Minister and Minister of Finance Heng Swee Keat said: "With this payout, over S$2bn in wage credits would have been disbursed during the pandemic. It is heartening that many employers, despite having to cope with the stresses and strains posed by the pandemic, are continuing to do their part to uplift their workers."
This comes following Minister Heng's Budget 2021 delivery in February, where he announced the extension of the WCS by another year, in continued efforts to support businesses.
What you need to know about the upcoming payout
Employers do not need to apply to receive the payouts. Eligible employers will receive letters from IRAS by 31 March 2021, informing them of their payout amount.
The payouts will be credited directly to employers' registered bank accounts either through PayNow Corporate, or GIRO.
Any appeals regarding WCS payouts must be submitted to IRAS by 30 June 2021, and will be considered on a case-by-case basis, the MOF and IRAS noted.;
Photo / Minister Heng's Facebook page