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SINGAPORE: As of October 29, more than S $ 5.5 billion will be disbursed to employers in Employment Support Program (JSS) payments.
The payments will be delivered to more than 140,000 employers to subsidize the salaries of roughly 1.9 million local employees, the Ministry of Finance (MOF) and the Internal Revenue Authority (IRAS) said on Monday (October 19).
This is S $ 1.5 billion more than the last round of disbursements in July.
With the October payments, more than S $ 21.5 billion would have been provided in support of JSS, authorities said in a joint press release.
First announced by Deputy Prime Minister Heng Swee Keat in the February budget, the JSS is a wage subsidy program intended to help companies retain and pay their workers as companies are affected by the pandemic of COVID-19.
To help protect jobs, the Government co-finances between 25% and 75% of the first S $ 4,600 of the gross monthly salary paid to each Singaporean or permanent resident employee.
The plan was scheduled to expire after the October payments, but Heng, who is also finance minister, announced in August that the government will extend it for another seven months, but in a phased approach, depending on how badly damaged the sector is. – to cover wages until March 2021.
READ: Extension of Employment Support Plan Among Singapore $ 8 Billion Measures Announced by Heng Swee Keat
For October payments, companies will receive support for local employee salaries paid in June, July and August this year, depending on the industry they are in.
Employers in the aviation, tourism and built environment sectors, which are severely affected by the pandemic, will receive 75% support. Those in food services, retail, arts and entertainment, land and ocean transportation, and offshore will receive 50% support.
Employers in all other sectors will receive 25 percent support.
In a Facebook post on Monday, Heng urged all employers to “do everything possible to retain their workers during this difficult period.”
“Employment remains a key priority as we continue to support our workers and businesses through this crisis,” he wrote.
READ: Targeted Extension of Employment Support Program Would Help Cope With COVID-19 Losses: Analysts
Companies in industries that were not allowed to resume operations at the site after the “circuit breaker” will receive 75 percent support during that time period, authorities said.
Eligible employers will be notified by mail of the amount of their pay. They can also log in to myTax Portal to view the electronic copy of their letter.
Employers with PayNow Corporate or GIRO agreements with IRAS can expect to receive the money before October 29.
Other employers will receive their checks starting Nov. 4, but can sign up for a corporate PayNow account before Oct. 23 to receive their payments earlier, the MOF and IRAS said.
CONTROLS TO AVOID FRAUD
The MOF warned that the penalties for any attempt to abuse the JSS are severe, including a jail term of up to 10 years and a fine, in addition to being denied payments.
“It is vital that employers contribute the correct amount of CPF (Central Provident Fund) for their employees, based on actual wages paid,” authorities said.
“Contributions to the CPF from employers are used to determine the amount of the JSS payment.”
READ: Nearly S $ 10 million in Employment Support Program Payments Denied to Businesses with ‘Unacceptable Practices’
As part of the JSS eligibility checks, a small number of employers will receive letters from IRAS asking them to conduct a self-assessment of their contributions to the CPF and to provide statements or documents to substantiate their eligibility for payments.
Your October payment will be held pending self-assessment and IRAS verifications. Payment will be disbursed upon completion of the review.
Companies or individuals wishing to disclose any potential malpractice or abuse of the JSS can report it to [email protected] or online at go.gov.sg/jssreport.
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