13 January 2017
In order to receive the fourth tranche of Wage Credit Scheme (WCS) payouts in March 2017, employers of eligible Singaporean employees are to make the mandatory full CPF contributions by 16 January 2017.
Additionally, a wage increase of at least $50 must have been given in 2016 to Singaporean employees and/or sustained the wage increases (of at least $50) previously given in 2015.
The Inland Revenue Authority of Singapore (IRAS) will be notifying eligible employers by March 2017 of the amount of WCS payout. Payouts will be in the form of cheques or credited directly into the employers’ bank accounts.
The WCS forms part of the Transition Support Package announced in Budget 2013, which has since been extended until 2017 whereby the Government co-funds 20% of the wage increases given to Singaporean employees earning a gross monthly wage of $4,000 and below.