Employers to get $660m in payouts, Latest Business News - The New Paper

Employers to get $660m in payouts

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More than 85,000 employers will receive a total of about $660 million in Wage Credit Scheme (WCS) payouts by the end of this month, the Finance Ministry announced in a statement yesterday.

SMEs will get about 70 per cent of the money disbursed.

Eligible employers will get letters from the Inland Revenue Authority of Singapore (Iras) by March 31 informing them of the total payout they will be getting.

Employers can check their eligibility at the Iras website.

The payout will be credited directly into the employers' Giro bank account used for income tax and GST purposes, or issued as cheques.

The WCS, introduced in 2013, is meant to help businesses cope with rising wage costs.

Under the extended WCS, the Government co-funds 20 per cent of wage increases given to Singaporean employees earning a gross monthly wage of $4,000 and below, over 2015 to 2017.