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21 December 2009

Singapore: Govt offers job credit to employers

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More than 100,000 employers in Singapore will receive the fourth cash payment from the Singapore government under the Jobs Credit Scheme, Chinese news agency Xinhua quoted Singapore's Finance Ministry as saying Friday.

Eligible employers, hiring about 1.4 million local workers, will receive 900 million Singapore dollars ($642 million) from the fourth payment of Jobs Credit by Dec. 24, 2009.

Eligible employers will receive a notification letter from the Inland Revenue Authority of Singapore (IRAS) to inform them of the amount of Jobs Credit they will receive.

The Jobs Credit Scheme was introduced as part of the Singapore government's Resilience Package in Budget 2009 in response to the global economic crisis. The government has paid out more than 3.6 billion Singapore dollars (about $2.6 billion) of Jobs Credit after the fourth payment.

As announced in October 2009, with the economy now having stabilised, the government will phase out the Jobs Credit Scheme by providing another two, stepped-down payments in March and June 2010. The two additional payments will cost 675 million Singapore dollars ($481 million).


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