On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022.
Support for Workers and Businesses
Progressive Wage Credit Scheme
The Progressive Wage Credit Scheme provides transitional wage support for employers to adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements and voluntarily raise wages of lower-wage workers.
The Government will co-fund wage increases of eligible resident employees from 2022 to 2026. IRAS will notify eligible employers and they can expect to receive the first payout by the 1st Quarter of 2023.
Small Business Recovery Grant
The Small Business Recovery Grant provides one-off cash for SMEs that have been most affected by COVID-19 restrictions over the past year, like those in the F&B, Retail, Tourism and Hospitality sectors.
IRAS will notify eligible firms starting from June 2022.
Jobs Growth Incentive
The Jobs Growth Incentive will be extended by six months to September 2022, with stepped-down rates reflecting the improved labour market conditions. This extension will only cover mature workers aged 40 and above who have not been employed for six months or more, persons with disabilities, and ex-offenders.
Ministry of Manpower (MOM) will share more details at their Committee of Supply.