Jobs Credit payment extension worth $460mln

Another $460 million will be received by more than 100,000 employers on 31 March 2010 as the first extended payment of the Jobs Credit.

On 24 March 2010 eligible employers will receive a notification letter from the Inland Revenue Authority of Singapore stating the amount of Jobs Credit they will receive.

The Jobs Credit scheme, introduced last year as part of the Resilience Package, has been extended for six months with graduated payments of 6 percent of wages in March and 3 percent in June 2010.

In order to qualify for the final Jobs Credit payment in June, employers must make their CPF contributions for January to April 2010. The final payment of Jobs Credit will then be computed based on employees on the CPF payroll for the month of April, and there will be no extension of the CPF contribution deadline (14 May 2010) for Jobs Credit payments.