More Than 140,000 Employers Set to Receive $4 Billion Job Support Scheme Payments
Beginning 28 May, Employers in Singapore Can Expect to Receive Their Pay Outs
More than 140,000 employers in Singapore will be getting their Job Support Scheme payments starting from 28 May. The payments amount to $4 billion in total.
No prior application is necessary. All payments for eligible employers are automatically granted based on the data from the CPF contributions as of 14 February. All employers who are registered with PayNow corporate can expect their payments by 28 May.
If you have not signed up for PayNow, you are encouraged to do so by 22 May to be eligible for the payments. Other employers can expect to receive their cheques for the payment between 3 and 5 June.
The Method of Payments Used Are
- PayNow Corporate (Transaction code: GOVT)
- GIRO (Transaction code: Job Support Scheme)
- Cheques (No transaction code)
PayNow and GIRO payments will be received by 28 May. You are encouraged to register for PayNow Corporate if you want to receive the payments digitally. You may sign up for PayNow Corporate by linking your NRIC or UEN or FIN to the bank accounts. Approvals are made instantly. If you need more assistance, contact your bank.
May payments will be 75% support, applicable to the first $4,600 wages of local employees. This is computed based on data from November 2019’s wages). Future payments will be adjusted accordingly. It will account for the actual wages that were paid out this May.
The Job Support Scheme payments have now been extended to include wages of local staff who are directors and shareholders of companies. The upcoming May payments will include payments backdated for companies that qualify. This applies to those who had their payments excluded in the April pay outs.
The Government is strongly recommending that the payments from the scheme are used to retain their local staff.
For more information regarding the pay out scheme, click here.