For the upcoming payout, the Government will co-fund 15 per cent of qualifying wage increases given in 2021, 2020 and 2019 to more than 780,000 Singaporean employees earning a gross monthly wage of up to $5,000.This will benefit over 99,000 employers, said the Ministry of Finance and the Inland Revenue Authority of Singapore on Tuesday .In March last year, some $940 million in WCS payouts was disbursed to more than 98,000 employers.
The WCS was extended by a year in last year's Budget, to support wage increments to help companies build up their local workforce and emerge stronger from Covid-19.Eligible employers will be notified by March 31 informing them of their payout amount and the payouts will be credited directly to their registered bank accounts through PayNow Corporate or Giro.
Unclaimed payouts will be retained in the employers’ WCS account until Sept 30. Employers will not be eligible to claim the payouts after that.