Business

Pay staff's CPF by Jan 16 for payouts

Employers here are reminded to pay their workers' Central Provident Fund (CPF) contributions on time to receive government payments under the Wage Credit Scheme.

They must make the full CPF contributions for their eligible employees by Jan 16 next year to receive the fourth tranche of payouts in March. To qualify for the payout, employers must also have given their Singaporean employees a wage increase of at least $50 this year and/or have sustained the wage increases (at least $50) given to employees last year.

Employers do not need to apply to receive the payouts. They will receive letters from the Inland Revenue Authority of Singapore informing them of the amount they will be given.

The payouts will be credited directly into the employers' bank accounts or issued as cheques to them.- THE STRAITS TIMES

CPFemploymentIncome