Over $4b in grants distributed to businesses, workers: IRAS

More than 120,000 enterprises received grants from the agency.

The Inland Revenue Authority of Singapore (IRAS) assisted over 120,000 enterprises in Singapore through grants in FY22/23.

Based on the agency’s annual report, it disbursed $4.6b in grants to support local hiring and wage growth for Singaporeans.

The grants come under various schemes, including Jobs Growth Incentive (JGI), Progressive Wage Credit Scheme (PWCS), Senior Employment Credit (SEC) and Small Business Recovery Grant (SBRG). 

Breaking down the grants by the scheme, IRAS said $2.7b of the $4.6b were under the JGI to support over 68,000 businesses with local hiring.

Meanwhile, $1b was disbursed under the enhanced PWCS to “provide transitional wage support for over 70,000 employers, with higher Government co-funding for lower-wage workers.”

Under the SEC, IRAS distributed $319m to over 95,000 employers who hired Singaporean workers.

The agency also distributed  $136m under the SBRG to provide over 41,000 eligible small businesses most impacted by the COVID-19 restrictions a one-off cash support in June 2022.