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Local employers have until January 14 to pay their CPF contributions in full if they wish to leverage on the first round of the Wage Credit Scheme (WCS) payouts.
The WCS is a three-year programme between 2013 and 2015 introduced by the Singapore government, which will co-fund 40% of wage increases given to Singaporean employees earning $4,000 or less.
This scheme will help organisations free up resources to better invest in productivity, and cope with rising labour cost.
While there is no need to apply for the WCS, employers will have to complete their CPF payments in order to receive the payouts based on CPF contributions for employees’ 2012 and 2013 wages.
The first payout will be at the end of March 2014 for wage increases extended to employees in 2013 over 2012.
More information about the WCS can be found here: http://www.iras.gov.sg/irasHome/wcs.aspx