http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_394283.html
2nd Jobs Credit out soon
Under the Jobs Credit scheme, the Government gives employers funds for every resident worker on their Central Provident Fund payroll - 12 per cent on the first $2,500 of each month's wages for each employee. -- ST PHOTO: JOYCE FANG
THE second of four payments under the Jobs Credit scheme goes out at the end of this month to more than 100,000 employers who have some 1.4 million local workers on their payroll.
This tranche amounts to some $900 million.
Under the Jobs Credit scheme, the Government gives employers funds for every resident worker on their Central Provident Fund (CPF) payroll - 12 per cent on the first $2,500 of each month's wages for each employee.
In a statement on Tuesday, the Finance Ministry said that eligible employers will be notified by Wednesday by the Inland Revenue Authority of Singapore - the scheme's administrator - about the amount they will receive in the second payment.
The funds - based on wages they paid from January to March this year - will be credited into their bank accounts or by paid by cheque.
The ministry said that some employers may see adjustments made to the amount that they received in the first payment. That first tranche saw some $920 million paid out to employers by March 31. The adjustments this time around could be due to to a number of reasons.
This includes the extension of the deadline - from the original Feb 14 to April 15 this year - for bosses to make CPF contributions in order to qualify for the first payment under Jobs Credit.
Adjustments could also be made for employees who had worked for a number of employers, or because these employers are shareholder-directors of the company, the ministry explained.
Another cause for adjustments could be due to changes in the wages of older and low-wage employees who are permanent residents.
The ministry said that no signing-up is necessary to receive the second payment as Jobs Credit will be automatically granted to eligible employers, including those who previously did not qualify for the first payment. It said that employers can expect to receive direct credit payments on Friday or cheques by June 30.
The next two payments under the scheme will be made on Sept 30 and on Dec 31.
Feedback from employers on the Jobs Credit scheme has been positive. Many of those affected by the slowdown have welcomed the extra cash, saying it helps subsidise their heavy wage costs.
2nd Jobs Credit out soon
Under the Jobs Credit scheme, the Government gives employers funds for every resident worker on their Central Provident Fund payroll - 12 per cent on the first $2,500 of each month's wages for each employee. -- ST PHOTO: JOYCE FANG
THE second of four payments under the Jobs Credit scheme goes out at the end of this month to more than 100,000 employers who have some 1.4 million local workers on their payroll.
This tranche amounts to some $900 million.
Under the Jobs Credit scheme, the Government gives employers funds for every resident worker on their Central Provident Fund (CPF) payroll - 12 per cent on the first $2,500 of each month's wages for each employee.
In a statement on Tuesday, the Finance Ministry said that eligible employers will be notified by Wednesday by the Inland Revenue Authority of Singapore - the scheme's administrator - about the amount they will receive in the second payment.
The funds - based on wages they paid from January to March this year - will be credited into their bank accounts or by paid by cheque.
The ministry said that some employers may see adjustments made to the amount that they received in the first payment. That first tranche saw some $920 million paid out to employers by March 31. The adjustments this time around could be due to to a number of reasons.
This includes the extension of the deadline - from the original Feb 14 to April 15 this year - for bosses to make CPF contributions in order to qualify for the first payment under Jobs Credit.
Adjustments could also be made for employees who had worked for a number of employers, or because these employers are shareholder-directors of the company, the ministry explained.
Another cause for adjustments could be due to changes in the wages of older and low-wage employees who are permanent residents.
The ministry said that no signing-up is necessary to receive the second payment as Jobs Credit will be automatically granted to eligible employers, including those who previously did not qualify for the first payment. It said that employers can expect to receive direct credit payments on Friday or cheques by June 30.
The next two payments under the scheme will be made on Sept 30 and on Dec 31.
Feedback from employers on the Jobs Credit scheme has been positive. Many of those affected by the slowdown have welcomed the extra cash, saying it helps subsidise their heavy wage costs.
