The Government has introduced the Jobs Credit Scheme in the Singapore Budget 2009 to encourage businesses to preserve jobs in the downturn. Employers will receive a 12% cash grant over a period of one year on the first $2500 of monthly wages of each employee who is on the CPF payroll.
All active employers, with the exception of local and foreign government organisations, are eligible for Jobs Credit and will receive the payments on a quarterly basis - March, June, September and December. The first payment can be expected by 31 March 2009 from the Inland Revenue Authority of Singapore (IRAS).
Note that the payment will apply only for existing employee's CPF made for Oct 08 to Jan 09, Jan 09 to Apr 09, Apr 09 to Jul 09 and Jul 09 to Oct 09 respectively for each quarter's payment. New employee's contribution need not start on the first month of the qualifying quarter but must be made till the month ending Jan 09, Apr 09, Jul 09 and Oct 09 respectively.
For more details about Jobs Credit Scheme, please click here.