More than 100,000 employers, who employ about 1.4 million local workers, will receive another S$460 million as the first extended payment of the Jobs Credit on 31 March 2010, the Inland Revenue Authority of Singapore (IRAS) has announced.
Eligible employers will receive a notification letter by March 24, 2010 from the IRAS, informing them of the amount of Jobs Credit they will receive in the first extended payment.
The Jobs Credit scheme, which was introduced as part of the Resilience Package in Budget 2009, has been extended for six months with graduated payments of 6% of wages in March and 3% in June 2010, respectively.
The final payment of Jobs Credit to be made in June 2010 will be computed based on employees on the CPF (Central Provident Fund) payroll for the month of April 2010 . Employers must make their CPF contributions for January to April 2010 in order to qualify for the final Jobs Credit payment. They have up to May 14, 2010 to do so. There will be no extension of the CPF contribution deadline for Jobs Credit payments.
The IRAS says the scheme will cease after the final payment in June 2010, and any enquiry or claim for Jobs Credit must be submitted by 31 August 2010.