Jobs credit scheme to extend or scrap

The scheme was introduced by the Government of Singapore in January to help companies hold on to workers by defraying part of the local workers' wage bill. This is achieved by paying employers 12 per cent of workers' wages for he first 2,500 a month.

• Employers will receive a 12% cash grant on the first $2,500 of each month’s wages for each employee on their CPF payroll.
• The Jobs Credit is for one year, and employers will receive the Jobs Credit in four payments: March, June, September and December 2009.
• For each payment, employers will receive Jobs Credits on the employees that are on their CPF payrolls at the start of the quarter in which the payment is made. The wages paid to these employees in the previous quarter will be the qualifying wages used to calculate the 12% cash credit that employers will receive.

Nine months on, the S$4.5 billion financial stimulus program is put to question whether to be extended beyond December ? Will it be tweaked, phased out or scrapped ?

Straits Times Saturday, 3 October 2009 put up an article on this Job credit scheme and the question of this scheme be extended, tweaked, phased out or srapped, and encourages readers to email, SMS your insights.

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