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Eligible Firms to Receive Jobs Growth Incentive Automatically from March 2021

  1. The Government has set aside $1 billion to support businesses to hire locals under the Jobs Growth Incentive (JGI) scheme. Eligible firms will not need to apply and can look forward to receiving the JGI payouts automatically from March 2021 onwards. This will be automatically computed each month based on their CPF contributions.
  2. Notwithstanding the impact of COVID-19, there remains areas of strength in our economy and there are firms that continue to do well. The JGI provides substantial salary support to enable these firms to bring forward their hiring plans and grow their local workforce over the next six months, from September 2020 to February 2021. Together with the extension of the Jobs Support Scheme, this is a major boost for job creation for locals.
  3. To be eligible for the JGI, firms must have achieved an increase in their local workforce in the period from September 2020 till the end of February 2021, compared to the size of their local workforce in August 2020. The increase in local workforce must be accompanied by an increase in jobs that pay at least $1,400 in gross monthly wages1. Firms must have been established on or before 16 August 2020.
  4. For eligible firms, the Government will provide substantial salary support for all new local hires at all wage levels, with higher support for mature hires. For each new local hire aged below 40, the Government will co-pay 25% of the first $5,000 of gross monthly wages for 12 months from the month of hire. For each new mature local hire aged 40 and above, Government support is doubled to 50%. In total, eligible firms can receive up to $15,000 for each local hire aged below 40, and $30,000 for each local hire aged 40 and above. To receive the full amount of support, firms must continue to meet the eligibility criteria for the 12-month period. The JGI payments will be over and above the JSS payments that the firm will receive for all its local employees.
  5. To encourage firms to retain their existing employees as far as possible, the JGI payout will be reduced if any person under the firm’s employment as at August 2020 leaves the firm after August 2020. This reduction will be computed based on the ratio of existing employees who have left the employer to the total number of existing employees as at August 2020, or 5%, whichever is higher.
  6. The JGI is a step up in terms of the level of salary support compared to the Enhanced Hiring Incentive announced earlier in May. The Enhanced Hiring Incentive will therefore be replaced by the JGI with effect from 1 September 2020.
  7. Firms can visit IRAS’s website (https://www.go.gov.sg/jgi) for more information and frequently asked questions.

FOOTNOTE

  1. This covers more than 90% of full-time employed residents.
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