SINGAPORE - Over 85,000 employers in Singapore will receive the second tranche of their Wage Credit Scheme (WCS) payouts by the end of this month.
Small and medium-sized enterprises (SMEs) will receive about three-quarters of the $1.4 billion to be disbursed, the Ministry of Finance and the Inland Revenue Authority of Singapore said in a joint release on Thursday.
The WCS was introduced in 2013 as part of the Transition Support Package aimed at helping businesses cope with rising wage costs so that they can free up resources to invest in productivity, and share their productivity gains with their employees.
The second tranche of WCS payouts co-funds 40 per cent of the wage increases given in 2013 and 2014 to more than 650,000 eligible Singaporean employees who earned a gross monthly wage of $4,000 and below.
Eligible employers will receive a notification letter from Iras by March 31 informing them of their total payout. Employers can also check their eligibility at www.iras.gov.sg/irasHome/wcs.aspx from Friday (March 20).
The payout will be made via direct credit to their GIRO bank account used for income tax and GST purposes, or by cheque.
Appeals regarding the second tranche of payouts must be submitted to Iras by June 30 for consideration on a case-by-case basis.