Extension of Job Growth Incentive Scheme

Jun 27 2022
PayrollServe
Job Growth Incentive

On 21 June 2022, the Ministry of Manpower announced a further extension for the Jobs Growth Incentive (JGI) Scheme for an additional six months, till March 2023. The scheme aims to provide support to employers to hire mature job seekers who have not been working for at least six months, and persons with disabilities and ex-offenders.

The extension was announced by the Deputy Prime Minister and Finance Minister Lawrence Wong during a press conference as part of an S$1.5 billion support package aimed at providing “immediate and targeted relief” for the lower income and vulnerable groups in Singapore, by supporting local firms in this time of challenging global growth and inflationary environment.

JSI

Additionally, two other schemes announced were the Progressive Wage Credit Scheme and a new Energy Efficiency Grant aimed at helping businesses cope with rising costs and co-funding investments in more energy-efficient equipment respectively.

The Progressive Wage Credit Scheme will see an increase from 50 per cent to 75 per cent for resident employees with gross monthly wages up to S$2500. For wages above S$2500 and up to S$3000, co-funding will raised raised from 30 per cent to 45 per cent.

The new Energy Efficiency Grant will provide local small-to-medium sized enterprises (SMEs) in the food services, food manufacturing and retail sectors with up to 70 per cent support capped at $30,000 per company to adopt energy efficient equipment in pre-approved categories.

For more information, please refer to IRAS’s website: https://www.iras.gov.sg/schemes/disbursement-schemes/jobs-growth-incentive



About

The Stone Forest group of companies provides a comprehensive suite of business solutions to support your business growth in Singapore and globally.

Subscribe to Newsletter

Get In Touch

8 Wilkie Road, #03-08
Wilkie Edge, Singapore 228095
+65 6533 7600