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Ministry of Finance (MOF)
Press Releases

Over $600 million in Wage Credits for more than 90,000 employers by 31 March 2020

Topics

Wage Credit Scheme

17 March 2020

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Over 90,000 employers in Singapore will receive over $600 million in payouts by 31 March 2020 under the Wage Credit Scheme (WCS). SMEs will receive the bulk of the payouts, at around 70% of the total sum disbursed.

2 Through the WCS payouts in March 2020, the Government will co-fund 15% of qualifying wage increases given in 2019, 2018, and 2017 to more than 700,000 Singaporean employees earning a gross monthly wage of up to $4,000. 

3 In Budget 2020, it was announced that the gross monthly wage ceiling will be raised from $4,000 to $5,000 for 2019 and 2020 qualifying wage increases. The Government co-funding levels for 2019 and 2020 qualifying wage increases will also be raised from the current 15% and 10%, to 20% and 15% respectively. Employers eligible for the Budget 2020 enhancements for 2019 wage increases will receive a supplementary payout in the second half of 2020. 

4 Employers do not need to apply to receive the WCS payouts. Eligible employers will receive letters from the Inland Revenue Authority of Singapore (IRAS) by 31 March 2020 informing them of their WCS March payout amount. In line with Singapore’s Smart Nation efforts, IRAS will fully adopt digital payment modes for WCS payouts, and will no longer issue cheques. As such, the payouts will be credited directly to employers’ registered bank accounts through PayNow Corporate[1] or GIRO [2].

5 Appeals regarding WCS payouts must be submitted to IRAS by 30 June 2020, and will be considered on a case-by-case basis.

6 Please refer to the Annex (opens in new tab) (308 KB) for details on the WCS. For more information, you may visit the IRAS website ( www.iras.gov.sg/irasHome/wcs.aspx (opens in new tab)), or contact IRAS directly at 1800-352-4727 or email wcs@iras.gov.sg (opens in new tab).


Issued by:
Ministry of Finance 
Inland Revenue Authority of Singapore
Singapore 
17 March 2020


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[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.