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Singapore To Dish Out Cash Bonus Payments

by Mary Swire, Tax-News.com, Hong kong

02 December 2011


By December 1, lower-income Singaporeans will have received the second instalment of their Workfare Special Bonus (WSB) payment which is part of the SGD3.2bn (USD2.5bn) ‘Grow & Share’ package of measures announced by the government in its 2011 budget.

The WSB, given on top of the regular Workfare Income Supplement (WIS), is paid in four instalments – with two instalments amounting to 50% of WIS for work done in 2010, and 25% of WIS each year for work done in 2011 and 2012. The first instalment was paid in May this year.

Eligible employees will automatically receive their WSB payments fully in cash. Self-employed persons who declare their income and make Central Provident Fund Medisave contributions will receive half their WSB in cash, and half in their Medisave Account.

It was pointed out that, for example, a low-wage worker aged 60 and earning SGD1,000 a month will receive SGD1,400 in WSB this year: SGD700 in May and SGD700 by December 1, 2011. This is on top of the SGD2,800 that he will receive in WIS this year, giving a total of SGD4,200. A worker aged 45 earning the same wage will receive SGD700 in WSB this year - on top of the SGD1,400 that he will receive in WIS, giving a total of SGD2,100.

The WSB will benefit about 400,000 workers each year and is expected to cost the government about SGD450m over three years.

TAGS: individuals | tax | economics | employees | budget | Singapore | tax credits | social security

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