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More Than 100,000 Employers To Receive $900 Million From The Second Payment Of Jobs Credit

23 June 2009

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More than 100,000 employers employing about 1.4 million local workers will receive $900 million from the second payment of Jobs Credit on 30 June 2009.

2. The Jobs Credit scheme is part of the $20.5 billion Resilience Package announced in Budget 2009. The one-year scheme provides cash grants in four payments[1] to employers to help them preserve jobs. Under the scheme, employers will receive a 12% cash grant on the first $2,500 of each month's wages for each employee on their CPF payroll.

Second Payment of Jobs Credit on 30 June 2009

3. Eligible employers[2] will receive a notification letter by 25 June 2009 from the Inland Revenue Authority of Singapore (IRAS). The letter will inform them of the quantum of Jobs Credit they will receive in the second payment, based on the wages paid from January to March 2009. Some employers may see adjustments to the amount that they received in the first payment[3].

No Sign-Up Necessary to Receive Second Payment of Jobs Credit

4. The Jobs Credit will be automatically granted to eligible employers, including those who previously did not qualify for the first payment. The second payment of Jobs Credit will be computed based on CPF contribution data and will be paid via direct credit into employers' bank accounts or by cheque[4].

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

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[1] The first Jobs Credit payment was made on 31 March 2009 and remaining two payments will be made on 30 September 2009 and 31 December 2009.

[2] Businesses in operation that have made Central Provident Fund (CPF) contributions for their employees (Singaporeans and Permanent Residents only), with the exception of local and foreign government organisations, will be eligible for the Jobs Credits.

[3] These adjustments could be due to: (a) extension of CPF contribution deadline to qualify for the first payment of Jobs Credit from 14 February 2009 to 15 April 2009; (b) adjustment of Jobs Credit for employees who have worked for multiple employers and/or are shareholder-directors of the company; and/or (c) adjustments due to changes in derived wages of older and low-wage first-and-second-year Permanent Resident employees.

[4] Employers can expect to receive direct credit on 26 June 09 or cheque by 30 June 09.

MINISTRY OF FINANCE

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