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What is JGI?

What is JGI?

The Jobs Growth Incentive (JGI) supports employers to expand local hiring1 from September 2020 to March 2022 (inclusive), so as to create good and long-term jobs for locals.

Is JGI payout taxable?

Singapore Income Tax: Are Your Jobs Support Scheme (JSS) or Job Growth Incentives (JGI) COVID-19-Related Payouts Taxable? Not taxable as the payout is meant to support individuals through the exceptional circumstances arising from the COVID-19 pandemic.

What is Job Growth Incentive Singapore?

Jobs Growth Incentive scheme to spur hiring of Singaporeans extended to March 2022. The Jobs Growth Incentive scheme was first introduced last September to support hiring during the Covid-19 pandemic.

Can you receive CPF from 2 companies?

If you are concurrently employed by more than one employer, all your employers must pay CPF contributions based on the wages payable to you. This is because the Ordinary Wage (OW) ceiling is applicable on a “per employment” basis.

Is JSS and JGI same?

Key support measures to preserve jobs for Singaporeans and Singapore Permanent Residents (SPRs) are the Job Support Scheme (JSS) and Jobs Growth Incentive (JGI). Both schemes provide cash flow support to employers.

Is WCS taxable?

Is the Wage Credit payout taxable? The Wage Credit payout is a government grant that co-funds wage increases given to your employees. Hence it is considered revenue that is taxable in the hands of the employers.

How do you work out JSS?

To work out the amount that you must pay your employee for the time your business is closed in each pay period:

  1. Start with the reference salary for the pay period.
  2. Divide by the number of calendar days in the pay period.
  3. Multiply by the number of JSS Closed days in the pay period.
  4. Multiply by 66.67% (not two-thirds).

Is it illegal to have two full time jobs?

There is nothing illegal about working two jobs so long as there is nothing in either of your employment contracts which would exclude you from doing so. Sometimes employment contracts contain terms which restrict or prevent employees from working in the same field with different employers simultaneously.

Will my employer know if I get a second job?

It’s not inevitable that your employer will find out about your second job, but in practice – they usually do. The longer you work for another company, the more likely you are to be exposed.

How do I know if I am eligible for JSS?

All active employers, except for Government organisations (local and foreign) and representative offices, are eligible for the JSS. Under the JSS, the Government co-funds a proportion of the first $4,600 of gross monthly wages1 paid to each local employee up to September 2021.

How is WCS calculated?

Simple. To work out gross monthly wage, take the total wages (including basic salary, overtime and any bonuses) you pay an employee in a calendar year and divide that by the number of months that CPF contributions were made. It’s also important to note that there’s a salary threshold of S$4,000 that applies to WCS.

What is WCS payout?

The Wage Credit payout is a government grant that co-funds wage increases given to your employees. Hence it is considered revenue that is taxable in the hands of the employers. The payouts will be taxed in the relevant Year of Assessment corresponding to the year you received the payouts.

When was the jobs growth incentive ( JGI ) introduced?

This includes the Job Support Scheme (JSS), SGUnited Traineeships Programme and the SGUnited Mid-Career Pathways Programme. Initially introduced on 17 August 2020 to promote local hires, Deputy Prime Minister and Finance Minister Heng Swee Keat extended the Jobs Growth Incentive (JGI) during Budget 2021 to end-September 2021.

What do you need to know about the JGI?

The qualifying window for new local hires will be: To be eligible for the JGI, there must be an increase in overall local workforce size AND an increase in local workforce size earning ≥$1,400/month, compared to the August 2020 local workforce for Phase 1, or the February 2021 local workforce for Phase 2 .

When do you start to get paid for the JGI?

In other words, even if you meet the eligibility criteria for the JGI payout as of February 2021 (i.e. you increase your local headcount from Aug 2020 to Feb 2021), but start reducing your local headcount thereafter, your JGI will be reduced. The payout schedule for the JGI is as follows.

How long does the JGI for local hires last?

This salary support for the new local hires will last up to 12 months for workers below 40 and up to 18 months for workers over 40, persons with disabilities and ex-offenders.