Over $1 Billion in 2020 Wage Credit Scheme Payouts to more than 95,000 Employers; Employers to make CPF Contributions by 14 Jan 2021 to receive next tranche of 2021 Payouts in Mar 2021
22 Dec 2020(a) Have given Singaporean employees who earned a gross monthly wage of up to $5,000, a gross monthly wage increase of at least $50 in 2020, and/or have sustained the gross monthly wage increase (at least $50) previously given to employees in 2017,
2018 and/or 2019; and
(b) Have paid the employees’ mandatory CPF contributions on 2020 wages to the CPF Board by 14 January 2021
[1].
22 December 2020
[1]Employers are required to make CPF contributions within 14 days from the end of each month for which CPF contributions are due. If the 14th day falls on a Saturday, Sunday or public holiday, the grace period will be extended to the next working day. Late payment interest will otherwise apply.
[2]Companies can sign up for PayNow Corporate by linking their company’s UEN (without suffix) to their bank account via internet banking. For assistance, please approach the bank.
[3]Once registered for GIRO for Income Tax/GST, this will be the default payment mode for IRAS’ related transactions such as tax payments.