Employers reminded about deadlines for Wage Credit Scheme payouts
Company bosses are being reminded to fully pay the Central Provident Fund (CPF) contributions for their workers on time, in order for the firms to receive the first tranche of government payments under the Wage Credit Scheme.
Employers must make these CPF contributions for their staff's 2012 and 2013 wages by Jan 14 next year to receive the Wage Credit Scheme payouts by the end of March next year, the Ministry of Finance said on Wednesday.
The scheme, which was introduced for three years starting this year, is meant to help Singapore firms cope with rising wage costs in a tight labour market. The Government will co-fund 40 per cent of wage increases given to Singaporean employees earning a gross monthly salary of up to $4,000.
Eligible employers will automatically receive the payouts from the scheme based on the CPF contributions they have made for their employees' 2012 and 2013 salaries. They do not need to apply for the scheme.