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Second tranche of wage credits worth S$1.4 billion to be paid by March: IRAS, MOF
Over 85,000 employers in Singapore will receive about S$1.4 billion in Wage Credit Scheme (WCS) payouts by March 31, 2015 as part of the second tranche payout, a joint statement from the Inland Revenue Authority of Singapore and the Ministry of Finance said on Thursday.
SMEs will receive about three quarters of the sum disbursed.
The second tranche of WCS payouts in March co-funds 40 per cent of the wage increases given in 2013 and 2014 to more than 650,000 eligible Singaporean employees who earned a gross monthly wage of S$4,000 and below.