95,000 Employers To Receive $450 Million Under WCS

95,000 Singaporean To Receive $450 Under Wage Credit Scheme (WCS)

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The Ministry of Finance and Inland Revenue Authority of Singapore (IRAS) reports said that more than 95,000 employers will receive over $450 million in payout these months under Wage Credit Scheme (WCS) by June 30.

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These payout by the Governments of Singapore will co-fund 20 percent of qualifying wage increases given in 2019, 2018, and 2017 to 800,000 Singaporean employees earning a gross monthly income of up to $5,000.

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This approach was to stimulate the businesses during this Covid-19 situation to stay afloat and to aid employers to hold onto their business and workers. These payout doesn’t require employer to apply but instead, it will be eligible by receiving letters from IRAS by end of this month on the amount offered. The payout will be credited directly to the bank account through PayNow Corporate or Giro.

For more details on the scheme, employers may go to the Iras website, e-mail wcs@iras.gov.sg or call Iras on 1800-352-4727.