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Minister Heng Swee Keat announced today additional support to help businesses tide over in this extended circuit breaker period.
He announced the extension of the Jobs Support Scheme (JSS) to all sectors for the month of May. In the previous Solidarity Budget, the government extended the 75 per cent wage support for the first $4,600 of gross monthly wages to all local employees for the month of April.
The government will also extend the scheme to cover wages of employees of a company who are also shareholders and directors of the company (shareholder-directors).
This support will only apply to companies that were registered on or before 20 April 2020, and for the wages of shareholder-directors with Assessable Income of $100,000 or less for Year of Assessment 2019.
This is expected to benefit about 50,000 shareholder-directors. The May 2020 and subsequent JSS payouts will include support for qualifying shareholder-directors.
The May 2020 payout will also include back-payment for companies with qualifying shareholder-directors whose wages were excluded from the first JSS payout in April 2020.
In addition, foreign worker levies due in May would be waived and another $750 rebate would be given to employers for each foreign worker they employ.
The extension of these support measures will cost the government $3.8 billion.
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(Content provided by Reader’s Digest Asia)
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