Over 140,000 employers will receive wage support totalling S$4 billion to be disbursed from May 28, as part of the enhanced Jobs Support Scheme (JSS).
Employers need not apply for the scheme, as the cash grant will be automatically computed based on Central Provident Fund contribution data as at Feb. 14.
Employers can sign up for PayNow Corporate by May 22 for faster payouts
Finance Minister Heng Swee Keat highlighted the scheme in a Facebook post on May 17.
His post informed employers about signing up for PayNow Corporate by this Friday, May 22 to receive faster payouts digitally.
Employers will receive their cheques between June 3 and 5, otherwise.
Employers can sign up for PayNow Corporate by linking their UEN / NRIC / FIN to their bank accounts via internet banking for instantaneous approval by the banks.
75% wage support for local employees
According to Heng, the JSS payout will provide employers with 75 per cent wage support for their local employees and is capped at the first S$4,600 of wages paid.
The payouts will be computed based on November 2019 wages, and future JSS payouts will be adjusted to account for the actual wages paid in May 2020.
He added that some shareholder-directors will also qualify for this enhanced JSS payout.
Heng wrote that employers are to use the JSS payouts to retain their employees during these tough times, especially as the government has provided more than S$20 billion under the JSS over the Unity Budget, Resilience Budget and Solidarity Budget.
Heng thanked the companies that are doing well and returned the payouts, , and urged others in the same situation to do the same.
He also added that many have been donating the payouts to worthy causes, as those found on Giving.sg.
To find out more, you can visit the JSS site or you can read his full post here:
Top image via Heng Swee Keat/Facebook