Lower-Income Singaporeans To Receive Workfare Special Bonus (WSB)14 May 2011
WSB payment to be fully in cash
1. By 15 May 2011, lower-income Singaporeans will receive their first Workfare Special Bonus (WSB). The WSB is part of the $3.2 billion 'Grow & Share' Package announced by the Government in the 2011 Budget.
2. The WSB, given on top of the regular Workfare Income Supplement (WIS), is part of the sharing of benefits from Singapore's strong economic growth in 2010. The WSB is paid in 4 instalments – with 2 instalments amounting to 50% of WIS for work done in 2010, and 25% of WIS each year for work done in 2011 and 2012. Eligible employees will automatically receive their WSB payments fully in cash.
3. For example, a low-wage worker aged 60 and earning $1,000 a month will receive $1,400 in WSB this year alone, in two instalments. This is on top of the $2,800 that he will receive in WIS this year, giving a total of $4200. A worker aged 45 earning the same wage will receive $700 in WSB this year – on top of the $1,400 that he will receive in WIS, giving a total of $2100.
4. Self-employed persons who declare their income and make their mandatory CPF Medisave contributions will receive half their WSB in cash, and half in their Medisave Account. Those who had declared their income and made Medisave contributions by 31 March 2011 will receive their first instalment of WSB on 15 May 2011. Nonetheless, those who missed the 31 March 2011 deadline may still qualify for WIS and WSB for work done in 2010. They have up to 31 May 2011 to declare their 2010 income and up to 31 December 2012 to pay their Medisave contributions.
5. The WSB is expected to cost Government about $450 million over three years.
6. For more information on the Workfare Special Bonus, please visit the website http://www.mof.gov.sg/growandshare/FAQs.htm or call 1800 2222 888.