Singapore - Around 100,000 companies will receive up to $920 million of Jobs Credit at the end of this month for employing around 1.3 million local workers between them.
This would be the first Jobs Credit payout after the scheme was announced in the Budget 2009 as part of the $20.5 billion Resilience Package. Under the one-year scheme aimed to help companies preserve jobs, employers will receive "a 12% cash grant on the first $2,500 of each month's wages for each employee on their CPF payroll", reported Channelnews Asia.
The Finance Ministry says notification letters will be sent to eligible employers by this Friday, informing them of the amount they will receive for the first grant payment. The amount will be based on the wages companies paid in October to December last year.
As the scheme was announced only in January, the deadline to qualify for this first payment will be extended. Employers who make late CPF contributions by 15 April for wages paid in October to December 2008 will receive Jobs Credits in the second round of payment instead.
The next three cash grants will be made on 30 June, 30 September and 31 December this year. However, no date extensions will be given.
