Eligible employers in Singapore can look forward to their wage credit scheme (WCS) payout notifications in March 2020. Marking the seventh tranche of the payouts, the scheme supports businesses embarking on transformation efforts and encourages sharing of productivity gains with workers.
As shared by Ministry of Finance, employers do not need to apply for WCS payouts. Eligible employers will automatically be notified by end March 2020 of the amount of WCS payouts to be received.
To qualify for the upcoming tranche of the WCS payouts, employers must:
- Have given Singaporean employees who earned a gross monthly wage of up to S$4,000, a gross monthly wage increase of at least $50 in 2019 and/or have sustained the gross monthly wage increase (at least $50) previously given to employees in 2018 and/or 2017;
- Have paid the employees’ mandatory CPF contributions on 2019 wages to the CPF Board by 14 January 2020.
In line with Smart Nation efforts, the Inland Revenue Authority of Singapore (IRAS) will fully adopt digital payment modes for WCS payouts, and will no longer issue cheques.
All WCS payouts from March 2020 will be credited directly to employers’ registered bank accounts through PayNow Corporate or GIRO. Employers who have not already done so are advised to set up a PayNow Corporate account or register for GIRO early.