SG Budget 2017: Govt to pay out over S$600m through wage credit scheme in March

SINGAPORE companies will continue to receive support from three government schemes to help them manage costs or cash flow, said Finance Minister Heng Swee Keat in Parliament on Monday.

The Wage Credit Scheme, which helps firms cope with rising wages, will see businesses receive over S$600 million in payouts this March. About 70 per cent of this amount will be to SMEs.

More than S$300 million in Special Employment Credit will be paid out in FY2017, and this will benefit 370,000 older workers.

The SME Working Capital Loan will carry on for the next two years, said Mr Heng. This scheme is where the government co-shares half of the default risk for loans of up to S$300,000 per SME. Since its launch in June 2016, the scheme has catalysed more than S$700 million worth of loans.