SINGAPORE - Over 95,000 employers in Singapore will receive about $1.9 billion in Wage Credit Scheme (WCS) payouts by March 31 this year.
In a press statement by Ministry of Finance and Inland Revenue Authority of Singapore (IRAS), small and medium-sized enterprises will receive around 70 per cent of the sum disbursed.
The third WCS payouts co-funds 40 per cent of the wage increases given in the past three years to more than 730,000 Singaporean employees who earned a gross monthly wage of $4,000 and below.
Compared to 2015, about 10,000 more employers will be benefiting from WCS this year, according to the statement.
Eligible employers will receive letters from IRAS by March 31, informing them of the total WCS payout they will be receiving.
The government has extended the WCS for two more years to 2016 and 2017, with 20 per cent co-funding of wage increases given to Singaporean employees.
For more information on the WCS, visit the IRAS website or call 1800-352-4727.