More than 100,000 employers, employing about 1.4 million local workers, will receive $900 million from the fourth payment of Jobs Credit by Dec 24.

Eligible employers will receive a notification letter by Dec 22 from the Inland Revenue Authority of Singapore (IRAS) informing them of the amount of Jobs Credit they will receive.

As announced in October 2009, with the economy now having stabilised, the Government will phase out the Jobs Credit Scheme by providing another two, stepped-down payments in March and June 2010.

The two additional payments, which will cost $675 million, will be at stepped down rates as follows:

a. March 2010 payment - 6 per cent of salary of employees on the payroll in January 2010.

b. June 2010 payment - 3 per cent of salary of employees on the payroll in April 2010.

The first additional payment to be made in March 2010 will be computed based on employees on the CPF payroll for the month of January 2010.

Employers must make their CPF contributions for October to December 2009 in order to qualify for this first extended payment of Jobs Credit. They have until 14 February 2010 to do so.

The Jobs Credit Scheme was introduced as part of the Resilience Package in Budget 2009 in response to the global economic crisis.

Employers are encouraged to contact IRAS early for any clarification and to visit www.iras.gov.sg or call 1800 356 4055 for more information on the Jobs Credit.