More details of Wage Credit Scheme out over next few weeks

SINGAPORE: Over the next few weeks, more details about the Wage Credit Scheme (WCS) will be published on the Inland Revenue Authority of Singapore’s (IRAS’) website.

The IRAS will be administering the WCS with the help of the Central Provident Fund (CPF) Board.

Minister of State for Finance Josephine Teo said on Monday in Parliament that businesses can expect to receive their payments for wage increases given in 2013 by the end of March 2014.

No application will be required and the IRAS will make it easier for businesses to receive their payments via cheques or their GIRO account with IRAS.

Mrs Teo said the Finance Ministry has reached out to representatives from trade associations and chambers, and over 1,000 representatives from businesses recently to raise awareness of WCS.

It will continue to meet with other stakeholders, including members of the Singapore National Employers Federation, the Association of Small and Medium Enterprises and the National Trades Union Congress in the upcoming weeks.

— CNA/al