Singapore to hand out $3 billion in wage subsidies
The Singapore government will disburse over S$3 billion (US$2.23 billion) in wage subsidies from March 30 to over 150,000 employers.
Employers who have made mandatory Central Provident Fund (CPF) contributions for their local staff from September to December last year within the stipulated deadlines will qualify for the payout, according to a joint statement by the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (IRAS).
For the upcoming payout in March, employers will receive up to 50% support for the first S$4,600 (US$3,415) of gross monthly wages paid in September, October, November and December last year.
Those in the built environment will get 50% of support for wages paid in September and October last year, and 30% for November and December 2020.
Employers in the aviation, aerospace and tourism sectors will receive 50% support, while those in land transport, marine, offshore, food services, retail, arts and entertainment will receive 30% support.
Meanwhile, those in all other sectors will receive 10% of wage support.
“As the economy reopens in phases after the circuit breaker, firms that are not allowed to resume on-site operations will continue to receive 50 per cent support until they are allowed to do so, or until March 2021, whichever is earlier,” highlighted MOF and IRAS.