PAP throwing away 800 million bucks!!! Song Boh!!!

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An honorable member of the Coffee Shop Has Just Posted the Following:

Employers to get $800m Wage Credit Scheme payouts by Mar 31



AsiaOne

Tuesday, Mar 18, 2014


SINGAPORE - The Government will give out approximately $800 million in the first tranche of Wage Credit Scheme (WCS) payouts to employers by March 31, the Ministry of Finance said Tuesday.

Over 74,000 employers will receive the payouts, and about three-quarters of the sum disbursed will be received by SMEs.

The payouts are to help co-fund 40 per cent of the wage increases given in 2013 to approximately two in three Singaporean employees who earned a gross monthly wage of $4,000 and below in 2012.

The WCS was introduced in 2013 as part of the 3-Year Transition Support Package. It helps businesses cope with rising wage costs so that they can free up resources to invest in productivity, and share their productivity gains with their employees.

In 2013, lower income Singaporeans received a median wage increase of 10 per cent compared to 8 per cent among all employees covered by the WCS.

Qualifying employers will be notified of their payouts by the end of March.

Employers may also check their eligibility at the Inland Revenue Authority of Singapore (IRAS) website from March 21 onwards. The payout will be directly credited to their GIRO bank accounts for income tax and GST purposes, or by cheque.

Any appeal regarding the first tranche of payouts must be submitted to IRAS by June 30. Appeals will be considered on a case-by-case basis. Those who are successful in their appeals will be paid from June 2014 onwards.

More information is available on the IRAS website. Those with queries regarding the WCS can contact IRAS at 1800-352-4727 or [email protected].


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- See more at: http://business.asiaone.com/news/emp....kivqE6EV.dpuf


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