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The Inland Revenue Authority of Singapore (IRAS) will be releasing the first payment of the Jobs Credit scheme to eligible employers on March 31, 2009.
Around 100,000 employers employing some 1.3 million workers will receive $920 million. Under the one-year scheme, which was part of the Resilience Package announced during the 2009 budget, employers will be given cash grants to help them preserve jobs. A 12% cash grant will be given on the first $2,500 of each month's wages for each employee on their CPF payroll.

Employers will receive a notification letter on March 27 informing them of the amount of Jobs Credit they will receive for the first payment. This is based on the wages that they paid in October to December 2008.

The scheme is automatically extended to eligible employers, who will be paid via direct credit into employers' bank accounts or by cheque.

The deadline to qualify for the first payment has been further extended because the scheme was only announced in January 2009. Employers who will make late CPF contributions by April 15 for wages that were paid in October to December 2008 will receive Jobs Credits on these wages on June 30, 2009.

There will be no further extensions for the remaining payments, which will be made on June 30, September 30, and December 31, 2009.