OFFICE RENT JOBS CREDIT GOVERNMENT
Singapore - Office rents in Singapore are beginning to stabilise while more than 100,000 employers will be receiving $900 million from the second Jobs Credit payout next week.
City Developments' group general manager Chia Ngiang Hong said office rents have begun to stabilise after falling sharply in the fourth quarter of 2008 and first three months of 2009. Speaking at the Reuters Global Real Estate Summit in Singapore yesterday, Chia added that although supply remained relatively tight, landlords are expecting rents to dip to a reasonable level.
While there were many office projects in the pipeline, Chia told Reuters most of them would only enter the market in 2011 and 2012. "The office is very sensitive to economic conditions so once the economy improves, the pick-up will be very fast."
More than 100,000 employers employing about 1.4 million local workers will be eligible for the $900 million second Jobs Credit payout at the end of the month, says the Ministry of Finance. These employers will be notified by the Inland Revenue Authority of Singapore this Thursday.
However, some companies may see adjustments to the amount that they received in the first payout, reported ChannelNewsAsia. Changes could be a result of the CPF contribution deadline extension for the first Jobs Credit payment, or adjustments for employees who have worked for multiple employers or are shareholder-directors of the company.
As part of the $20.5 billion Resilience Package announced in Budget 2009, the one-year Jobs Credit scheme gives out cash grants every quarter to employers to help save 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. The next two payments will be made on September 30 and December 31.
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