Budget 2024 – Employment matters

23/02/2024

* The qualifying income cap for the Workfare Income Supplement scheme will be raised from S$2,500 to S$3,000 to continue narrowing the income inequality gap.

* Workfare payouts will be raised; lower-wage senior workers will qualify for a maximum annual payout of S$4,900, up from S$4,200.

* The local qualifying salary, which is the lowest salary for local workers if a firm hires foreign workers, will be raised from S$1,400 to S$1,600 per month starting this year, and the hourly rate will be increased from S$9 to S$10.50.

* Under the Progressive Wage Credit Scheme, the government has been co-funding the wage increases of lower-wage workers. To further aid this, the co-funding levels from the government will be raised from a maximum of 30% to 50%, and the ceiling wage raised from S$2,500 to S$3,000 in 2025.

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