Forum: Give firms an incentive to return wage subsidy payouts

Birds fly above Raffles Place Park on June 7, 2020.
Birds fly above Raffles Place Park on June 7, 2020.ST PHOTO: LIM YAOHUI

Never in Singapore's history has the Government used so much of the country's reserves to support the livelihood of its citizens.

Many companies also have reserves, and this is the time to dip into them.

There is no need to go cap in hand to the Government for handouts. I know that monies granted and expended would not be easy to be recalled.

But the authorities should try to find ways to incentivise the refund of the Jobs Support Scheme payouts.

The Government can consider rewarding those companies that return the payouts.

The tax authorities may want to consider allowing such companies a tax deductible relief of the same amount to be used in the next three years.

The country's reserves are essentially taxpayers' monies. Profitable companies have the moral and social responsibility not to take advantage of the scheme.

Foo Sing Kheng

A version of this article appeared in the print edition of The Straits Times on June 08, 2020, with the headline 'Give firms an incentive to return wage subsidy payouts'. Print Edition | Subscribe