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Employers to Receive Second Tranche of Wage Credit Scheme Payouts by End March 2015

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Wage Credit Scheme

19 March 2015

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Over 85,000 employers in Singapore will receive about $1.4 billion in Wage Credit Scheme (WCS) payouts by 31 March 2015. SMEs will receive about three quarters of the sum disbursed.

2. The WCS was introduced in 2013 as part of the Transition Support Package. It is intended to help businesses cope with rising wage costs so that they can free up resources to invest in productivity, and share their productivity gains with their employees.

3. The second tranche of WCS payouts in March 2015 co-funds 40% of the wage increases given in 2013 and 2014 to more than 650,000 eligible Singaporean employees who earned a gross monthly wage[1] of $4,000 and below. Eligible employers will receive a notification letter from the Inland Revenue Authority of Singapore (IRAS) by 31 March 2015, informing them of their total payout. Employers can also check their eligibility at www.iras.gov.sg/irasHome/wcs.aspx from 20 March 2015 onwards. The payout will be made via direct credit to their GIRO bank account used for income tax and GST purposes, or by cheque.

4. Appeals regarding the second tranche of payouts must be submitted to IRAS by 30 June 2015 for consideration on a case-by-case basis.

5. For further information and assistance on the WCS, please visit the IRAS website (www.iras.gov.sg/irasHome/wcs.aspx or contact IRAS at 1800-352-4727 or wcs@iras.gov.sg.


Issued by Ministry of Finance
19 March 2015

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[1] Gross monthly wage is defined as total wage of the employee paid by the employer in the calendar year (including basic salary, overtime pay and bonuses), divided by the number of months of CPF contribution.

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