More Than 100,000 Employers To Receive $890 Million From The Third Payment Of Jobs Credit

1. More than 100,000 employers, with whom about 1.4 million local workers are employed, will receive $890 million from the third payment of Jobs Credit on 30 September 2009.

2. Eligible employers will receive a notification letter by 24 September 2009 from the Inland Revenue Authority of Singapore (IRAS). The letter will inform them of the amount of Jobs Credit they will receive in the third payment.

No Sign-Up Necessary to Receive Jobs Credit

3. The Jobs Credit will automatically be granted to eligible employers, including those who previously did not qualify for the first and second payments. The third payment of Jobs Credit will be automatically computed for eligible employers and directly credited into employers' bank accounts or paid via cheque.

No Extension of CPF Contribution Deadline for Fourth Payment of Jobs Credit

4. Following the September 2009 payment, the fourth payment will be made in December 2009. This fourth payment will be computed based on employees on the CPF payroll for the month of October 2009. Employers who have not done so must make their CPF contributions for July to September 2009, for these employees on their October CPF payrolls, in order to qualify for the fourth payment of Jobs Credit . They have up to 14 November 2009 to do so.

Review of Jobs Credits Scheme

5. The Jobs Credit Scheme comprised four payments, with the last payment being in December 2009. As stated in the 2009 Budget Speech, the Government would review whether it is necessary to extend the Jobs Credit Scheme depending on the state of economy. The review is currently ongoing, taking into account all factors including the latest economic and employment outlook for the coming year.

6. The Government will announce whether the Jobs Credit scheme will be extended, and if so in what form, by mid-October.

7. For more information on the Jobs Credit, visit www.iras.gov or call 1800 356 4055.

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[1] The third payment of Jobs Credit will be computed based on employees on the CPF payroll for the month of July 2009, and the wages paid to these employees from April to June 2009.

[2] Employers can expect to receive direct credit on 25 September 2009 or cheque by 30 September 2009.

[3] The fourth payment of Jobs Credit will be computed based on employees on the CPF payroll for the month of October 2009, and the wages paid to these employees from July to September 2009.

MINISTRY OF FINANCE