MOF reminds bosses to pay workers' CPF by Jan 14

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http://www.channelnewsasia.com/news/singapore/wcs-payouts-mof-reminds/1475862.html

Employers have to make the full CPF contributions for their employees by Jan 14, 2015, in order to receive the second tranche of Wage Credit Scheme (WCS) payouts in March 2015.

The Ministry of Finance gave this reminder on Sunday (Nov 16).

Introduced in 2013, the WCS co-funds 40 per cent of the wage increases given to Singaporean employees who earn a gross monthly wage of S$4,000 and below.

This in turn allows businesses to free up resources for investments in productivity and share the productivity gains with their employees.

The CPF contribution is one of the conditions employers have to meet to qualify for the second tranche of the payout.

They must also have given Singaporean employees a wage increase of at least S$50 in 2014, and/or sustained the wage increases (at least S$50) previously given to employees in 2013.

Employers who are eligible for the payout will receive letters from the Inland Revenue Authority of Singapore (IRAS) by March 2015, informing them of the amount of WCS payout they will be given.