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Singapore Budget 2018: Singapore to spend S$1.8b over next 3 years to extend Wage Credit Scheme
SINGAPORE will spend some S$1.8 billion over the next three years to extend the wage credit scheme (WCS), Finance Minister Heng Swee Keat said on Monday.
Unveiling the Budget for 2018, Mr Heng said the WCS would be extended for three more years to 2020. Government co-funding of qualifying wage increases will be 20 per cent in 2018, 15 per cent for 2019 and 10 per cent for 2020.
The WCS supports businesses embarking on transformation efforts, and encourages employers to share productivity gains with workers by co-funding wage increases. It was introduced in Budget 2013 and extended in Budget 2015.
"This scheme co-funds wage increases for Singapores employees, up to a gross monthly wage of S$4,000," Mr Heng said.
For 2017, the government expects to pay out more than S$800 million to more than 90,000 firms, for wage increases given to more than 600,000 employees.
For more Budget 2018 stories visit bt.sg/budget18