More Than 100,000 Employers to Receive $460 Million From The First Extended Payment Of Jobs Credit

1. More than 100,000 employers, who employ about 1.4 million local workers, will receive another $460 million as the first extended payment of the Jobs Credit on 31 March 2010.

2. Eligible employers will receive a notification letter by 24 March 2010 from the Inland Revenue Authority of Singapore (IRAS), informing them of the amount of Jobs Credit they will receive in the first extended payment .

3. The Jobs Credit scheme, which was introduced as part of the Resilience Package in Budget 2009, has been extended for six months with graduated payments of 6% of wages in March and 3% in June 2010, respectively.

No Extension of CPF Contribution Deadline for the June 2010 Payment

4. The final payment of Jobs Credit to be made in June 2010 will be computed based on employees on the CPF payroll for the month of April 2010 . Employers must make their CPF contributions for January to April 2010 in order to qualify for the final Jobs Credit payment. They have up to 14 May 2010 to do so. There will be no extension of the CPF contribution deadline for Jobs Credit payments.

5. As the Jobs Credit scheme will cease after the final payment in June 2010, any enquiry or claim for Jobs Credit must be submitted to IRAS by 31 August 2010.

6. For any clarification, please visit www.iras.gov.sg or call 1800 356 4055 for more information.

MINISTRY OF FINANCE
23 March 2010