354,000 Low Wage Singaporeans to Receive Workfare Special Bonus (WSB) by 1 December 2011

source: http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2011&news_sid=20111130260570247599
Date: 30 November 2011

WSB payment will be fully in cash By 1 December 2011,
low-wage Singaporeans will have received the second instalment of their Workfare Special Bonus (WSB) payment this year.

The WSB is part of the $3.2 billion ‘Grow & Share’ Package announced by the Government in February.

2. The WSB, given on top of the regular Workfare Income Supplement (WIS), is paid in 4 instalments – with 2 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.

3. For example, a low-wage worker aged 60 and earning $1,000 a month will receive $1,400 in WSB this year: $700 in May and $700 by 1 December 2011. This is on top of the $2,800 that he will receive in WIS this year, giving a total of $4,200. A worker aged 45 earning the same wage will receive $700 in WSB this year, on top of the $1,400 that he will receive in WIS, giving a total of $2,100.

4. Self-employed persons who declare their income and make CPF Medisave contributions will receive WSB – half in cash, and the other half in their Medisave Account. Those who have declared their income and made Medisave contributions by 31 October 2011 will receive their WSB on 1 December 2011. Those who have declared their income by 31 May 2011 but have yet to contribute to their Medisave may still qualify for WIS and WSB for work done in 2010, if they make their Medisave contributions by 31 December 2012.

5. The WSB is expected to cost Government about $450 million over three years. 6. For more information on the Workfare Special Bonus, please visit the website http://www.growandshare.gov.sg or call 1800 2222 888.

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In the example above:
60 year old worker —–> Monthly Income $1,000

Gets  WSB                                   $1,400
Plus WIS                                     $2,800
Total workfare                      $4,200 = 4.2 x Monthly Income.

The objectives of WIS are to supplement the wages and CPF savings of older low-wage workers as well as to encourage them to stay employed.

For more information click on Workfare Special Bonus and Workfare Income Supplment

 

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