Budget 2024: Higher payouts, income cap under enhanced Workfare Income Supplement scheme
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Tan Nai Lun
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LOWER-WAGE senior workers will qualify for a higher maximum payout as part of enhancements to the Workfare Income Supplement scheme.
The maximum annual payout will be raised to S$4,900 from S$4,200 currently, said Finance Minister Lawrence Wong in his Budget speech on Friday (Feb 16).
The increment for each individual will depend on age and wage.
The income cap to qualify for the scheme will also be raised to S$3,000 from S$2,500, to ensure that lower-wage workers will continue to receive benefits even as their wages grow.
The higher qualifying monthly wage cap of S$3,000 will also apply to the Workfare Skills Support scheme.
The enhancements will apply to work done from Jan 1, 2025, and are expected to benefit around half a million Singaporeans.
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