Singapore increases wage subsidies for selected employees
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.
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.