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Budget 2020: Gov’t To Offset 8% Of Wages For Over 1.9M S’pore Employees

singapore office workers

Minister Heng Swee Keat announced today in Budget 2020 a New Jobs Support Scheme, which will offset 8% of wages, up to a monthly wage cap of S$3,600 for three months.

The payment will be given to employers by the end of July.

With over 1.9 million local employees, this will cost the Government S$1.3 billion. 

Mr Heng also announced an Enhanced Wage Credit Scheme, which co-funds wage increases for Singaporean employees with gross monthly wage of up to S$4,000. 

The government will raise wage ceiling from S$4,000 to S$5,000 for qualifying wage increases given in 2019 and 2020. 

It will also raise government co-fund levels for 2019 and 2020 qualifying wage increases by five percentage points to 20% and 15% respectively. 

With these enhancements, another S$1.1 billion will go to about 90,000 enterprises, to benefit more than 700,000 Singaporean employees, according to Mr Heng. 

Featured Image Credit: RedWire

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