08 April 2013

Singapore Budget 2013 - Wage Credit Scheme (Update)

In my last post, I mentioned that I am eligible for the Wage Credit Scheme, but today when I looked at this article from IRAS, seems like I am not eligible.

Basically the government will co-fund salary increment, but only for employee whose Gross Monthly Wage is S$4000 or below.

So how do they derive Gross Monthly Wage?


My monthly salary is S$3300, and I usually get 3 months bonus a year, and I have a S$500 allowance for each year.

Total basic wage = 3300 x 12 = 39600
Bonus = 3300 x 3 = 9900
Allowance = 500
Total = 39600 + 9900 + 500 = 50000
Total divided by Number of Months Worked = 50000 / 12 = 4166.66

Meh. I was happy for a while...

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