Singapore is a developed country. So, in its economic management system, the Singapore government decided to implement the Workfare Income Supplement program. Where the program is expected to be useful for seniors living in the country. Especially to always get sufficient funds for their retirement and old age purposes.
Many interesting things can be known about this Workfare Income Supplement program. Especially for those who have never heard of or known the program. It would be quite good to have several views as well as information about the program. Especially if it is almost entering retirement age and decides to be in Singapore. It’s a good idea to start figuring out what the program is running like. Including what terms and conditions apply to this program. To be clearer, see the information provided in the paragraphs below.
About Workfare Income Supplement Program
Workfare is a government program that requires welfare users to accept public-service employment or engage in job training. Many nations across the globe have used workfare to eliminate poverty among able-bodied individuals, although their methods of implementation differ. The United States and the United Kingdom are two such countries that use workfare, albeit from different perspectives.
This scheme is also applied in Singapore, where the Singapore government decide to provide a Workfare Income Supplement program for their communities. Therefore, it gives a chance to the elderly to get suitable revenue in providing sufficient funds for their future retirement. In general, the program promotes qualified workers to work and save for retirement, housing, and healthcare requirements by supplementing their income and retirement savings with cash payments and contributions.
This program not only supports the elderly, but the program also applied to those with lower income. So that they can boost their revenue in the end. Mainly if they will reach the retirement age. The program will allow them to save more funds for their future days. Furthermore, the program will encourage the worker to perform more jobs and work regularly.
Criteria for Workfare Income Supplement Program
Of course, to take part in the program, several criteria must be met by the participants. Whether it’s office workers or employers. All are eligible to join the program as long as they have sufficient income. Because in this program there are several provisions for several funds that must be included every month to reach a certain amount of pension funds.
Furthermore, the government of Singapore also encourages workers to perform training before following the program. It encourages Singaporean workers to attend skill-improvement training. The program also assists firms in sending their employees for training. There are some information sheets for additional information on the program by the government of Singapore. This information includes specifics on Training Allowance eligibility and claim procedure.
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The Specific Criteria and Benefits of the Program
The following are the specific criteria in Singapore to follow the Workfare Income Supplement Program. You must fulfill the following eligibility requirements:
- You were born in Singapore;
- You are 35 years or older (13 years or older for those with impairments);
- You are a worker;
- For the last 12 months, you had an average gross monthly income of no more than $2,300.
- You dwell in a property with an annual worth of less than $13,000 as of December 31, the previous year;
- You have less than two properties; and
- If you are married, you should: You and your spouse own less than two homes together, or your spouse’s assessable income for the prior Year of Assessment is less than $70,000.
While for the benefit, if you sign up for and pay for these qualifying courses on your own, you are eligible for a training allowance of $6.00 per hour. It is with a maximum of 180 hours each Work Income Supplement Program eligibility year.
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Workfare Income Supplement for Self-Employed
The Workfare Income Supplement program is not only applied to workers too. In Singapore, self-employed also have the chance to follow the program. As long as they can meet the above criteria. Through the program, it will benefit the self-employed person to receive a sufficient amount of funds in their retirement age. Even though they might not have a similar income scheme with workers.
Receiving Payment from Workfare Income Supplement Program
It is necessary to have sufficient information about receiving payment from the program. Your payment will consist of 40% cash and 60% CPF contributions. If you have a bank account, the government will credit the cash partly to it. Otherwise, it will be credited to the bank account you have registered with to receive Government payment. If you need to change your local bank account information, you should notify the government.
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It turns out that it is interesting to know about the Workfare Income Supplement program issued by the Singapore government. It is to keep the old age of a worker has a good and maximum guarantee. Therefore, there is no need to hesitate to join the program. So that at the time of retirement, there will be enough financial guarantees that support to fulfill daily life in the country.