95,000 employers to receive $450m in wage subsidy on 30 June

It will benefit 800,000 Singaporean employees earning a gross monthly wage of up to $5,000.

More than 95,000 employers are slated to receive a combined total of $450m in payouts under the Wage Credit Scheme (WCS) by 30 June, according to a joint statement by the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (IRAS).

Through the WCS payouts, the government will co-fund 20% of qualifying wage increases given in 2019, 2018, and 2017 to more than 800,000 Singaporean employees earning a gross monthly wage of up to $5,000.

Employers are not needed to apply to receive the WCS payouts. Instead, eligible employers will receive letters from the IRAS by 30 June informing them of their payout amount. In line with Singapore’s Smart Nation efforts, IRAS has fully adopted digital payment modes for WCS payouts, and will no longer issue cheques. As such, the payouts will be credited directly to employers’ registered bank accounts through PayNow Corporate or GIRO 2.

Any appeals regarding WCS payouts must be submitted to IRAS by 31 August, and will be considered on a case-by-case basis.