$840 million in wage credits to over 99,000 employers by 31 March 2022

$840 million in payouts will be disbursed to over 99,000 employers in Singapore under the Wage Credit Scheme (WCS) by 31 March 2022. This is the final tranche of payout under the WCS.

2.    The WCS was extended by one year in Budget 2021, to support wage increments to help companies build up their local workforce and emerge stronger from COVID-19. Over $2 billion in wage credits had been disbursed in 2020 and 2021 to support employers during the pandemic.

3.    For the upcoming payout in March 2022, the Government will co-fund 15% of qualifying wage increases given in 2021, 2020 and 2019 to more than 780,000 Singaporean employees earning a gross monthly wage of up to $5,000. This will benefit over 99,000 employers.

4.    Employers do not need to apply to receive the payouts. Eligible employers will be notified by 31 March 2022 informing them of their payout amount. The payouts will be credited directly to employers’ registered bank accounts through PayNow Corporate[1] or GIRO[2].

5.    Any appeals regarding WCS payouts must be submitted to IRAS by 30 June 2022, and will be considered on a case-by-case basis.

6.    Please refer to the Annex for details on the WCS. For more information, you may visit the IRAS website (www.iras.gov.sg/irasHome/wcs.aspx), contact IRAS at 1800-352-4727 or email wcs@iras.gov.sg.

Issued by:
Ministry of Finance
Inland Revenue Authority of Singapore
Singapore
22 March 2022

[1] 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 banks.

[2] Once registered for GIRO for Income Tax/GST, this will be the default payment mode for IRAS’ related transactions such as tax payments.