THE Singapore government will enhance the Workfare Income Supplement (WIS) that will cost an additional S$206 million a year, said Minister for Finance Heng Swee Keat on Monday.
The WIS is a scheme that provides cash payouts and CPF top-ups for workers whose earnings are in the bottom 20 per cent. It also provides some support for those earning slightly above the threshold. All in, the scheme is aimed at almost 440,000 Singaporeans.
From January 2020, the qualifying income cap will be raised from the current S$2,000 to S$2,300 per month. The maximum annual payouts will also be increased by up to S$400. Older workers will see higher increases in payouts.
This means that workers aged 60 and earning S$1,200 a month, will now get S$4,000 a year from WIS. This translates to almost 30 per cent of their wages, Mr Heng said.
The enhanced WIS will bring the total cost of this programme to close to S$1 billion a year.
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