During this year’s budget, the government has announced that they would co-fund 40% of the salary increment to Singaporean employees earning a gross monthly wage of up to $4,000. This Wage Credit Scheme (WCS) will apply to increments for year 2013, 2014 and 2015.
Similarly to Special Employment Credit, my staff’s increment was budgeted without expecting the WCS so I’ve decided to pass the credit to my staff in the form of bonus when the company receive the first payout in the second quarter of 2014. I can understand the time required to implement the scheme and computing the payout.
For every $100 salary increment, the government will co-fund $40. So my staff can expect to receive $480 (12 months x $40) in additional bonus in 2014.
I like that the government has implemented the scheme without requiring us to filling any form.This is totally frictionless implementation. Kudos to the government!
As I’ve said before, it is the combined effort of the government, employers and citizens to make our Singapore a more inclusive society. As an employer, I hope to do my part as a Singapore citizen and make our home a more inclusive society.