Over $4b to be paid out in Jobs Support Scheme from July 29
Payout will help 140,000 employers retain staff amid the pandemic
Over $4 billion under the Jobs Support Scheme (JSS) will be paid out to 140,000 employers from July 29 to help them retain their workers amid the Covid-19 pandemic.
This will help businesses to pay the wages of some 1.9 million local employees in total, the Ministry of Finance (MOF) said yesterday.
With this latest round of payouts, the total amount disbursed under the scheme will exceed $15 billion, the ministry said in a joint statement with the Inland Revenue Authority of Singapore (Iras).
The JSS was introduced in the first Budget support package by Deputy Prime Minister Heng Swee Keat in February, and enhanced in the three successive packages.
Under the scheme, firms can get up to 75 per cent of the first $4,600 of gross monthly wages for each local worker subsidised. Sectors more badly hit by the pandemic, such as aviation and tourism, get more help.
MOF and Iras said this month's payment goes towards supporting wages paid to local workers in February and March.
All employers will also get 75 per cent support for wages paid in April, during the circuit breaker. Part of this was already given as an advance that month "to provide immediate cash flow support", the authorities said.
As the amount disbursed was calculated based on last October's wages, the upcoming payout will be adjusted according to actual wages paid this April, they added.
Eligible employers will be notified by post of the payout and can also log in to myTax Portal to view the electronic copy of the letter. Those with PayNow Corporate or Giro arrangements with Iras can expect their payouts from July 29.
Others will receive their payouts through cheques from Aug 4 but can receive their payouts earlier if they sign up for PayNow Corporate with their banks by Friday.
Employers should make sure that mandatory Central Provident Fund (CPF) contributions made for their employees are accurate, so that they receive the right amounts of JSS payout, added Iras and MOF.
Iras and MOF also warned of severe penalties for any attempts to abuse the scheme, including having the payouts denied, and being jailed for up to 10 years and fined.