THE Transition Support Package (TSP), launched in 2013, will be phased out gradually, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Monday. The TSP comprises the Wage Credit Scheme (WCS), Corporate Income Tax (CIT) rebate, and the Productivity and Innovation Credit (PIC) bonus.
In total, the TSP is estimated to disburse S$7.5 billion over three years, higher than the original estimate of S$5.3 billion, said Mr Tharman. The WCS will be extended for 2016 and 2017 to give employers more time to adjust to the tight labour market.
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