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SINGAPORE – More than 95,000 employers received more than $ 1 billion in payments under the Wage Credit Scheme (WCS) this year to help them fund salary increases for their Singapore employees.
The next tranche of payments will take place in March 2021, the Singapore Ministry of Finance and Internal Revenue Authority (Iras) said in a statement on Tuesday (December 22).
Employers do not need to request WCS payments. Those who are eligible will be notified in late March of the amount they will receive.
To qualify for the eighth payment bracket, employers must have increased their Singapore employees’ gross monthly wages by at least $ 50 this year, or maintain the previous wage increase of at least $ 50 awarded in 2017, 2018 and / or 2019, or both. .
Employers must also pay the mandatory Central Provident Fund contributions for this year’s staff salaries to the CPF Board by January 14.
Payments will be credited directly to employers’ bank accounts through PayNow Corporate or Giro.
Iras and the Finance Ministry reminded employers to create a PayNow corporate account or register for Giro by the end of February, if they haven’t already done so.
This year, there were two rounds of WCS payments. In addition to the main payment in March, employers received a second round of payments in June as part of the $ 6.4 billion Unit Budget to combat Covid-19.
For more information about the plan, employers can visit the Iras website or call their hotline at 1 800 352 4727.
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