Singapore increases wage subsidies for selected employees

The government will increase its funding from 50% to 75% for resident employees with gross monthly wages up to S$2,500.

Singapore will be increasing its co-funding portion of wage increases for local lower-wage workers to further support businesses in the face of rising costs. 

Under the Progressive Wage Credit Scheme, the government will increase its funding from 50% to 75% for resident employees with gross monthly wages up to S$2,500 (US$1,806). For wages above S$2,500 and up to S$3,000 (US$2,167), the co-funding will be raised from 30% to 45%.

Other existing parameters for the scheme will remain unchanged, said the Ministry of Finance (MOF) in a statement. 

The government will also extend the Jobs Growth Incentive (JGI) — which provides support to companies to hire mature job seekers who have not been working for at least six months, people with disabilities and ex-offenders — for another six months until March 2023. 

READ: Singapore workers found more opportunities for re-employment

The moves are part of Singapore’s S$1.5 billion (US$1.08 billion) support package aimed at providing “immediate and targeted relief” for the lower-income and vulnerable groups in Singapore, as well as extending more support for local firms amid a more challenging global growth and inflationary environment, said Deputy Prime Minister and Finance Minister Lawrence Wong, reports CNA.

Share this articles!

More from HRM Asia

Subscribe to Our Newsletter

Stay updated with the latest HR insights and events,
delivered right to your inbox.

Sponsorship Opportunity

Get in touch to find out more about sponsorship and exhibition opportunities.