Temporary Employment Credit: Who Qualifies and What You Get
Learn how employers can receive a wage offset to help manage rising labor costs through this employment credit.
The Temporary Employment Credit (TEC) is a wage offset designed to help businesses manage the financial impact of rising labor costs.
Who it's for
This scheme is available to employers who hire local workers. If your business employs local staff, you may be eligible to access this support to help manage your payroll expenses.
What you get
The benefit is a wage offset. This is intended to provide financial relief to help businesses manage the costs associated with increasing labor expenses, making it easier to maintain a local workforce.
What it costs you
There are no fees or costs to access this scheme. The process is designed to be straightforward for business owners, as it is managed through an automatic disbursement system.
The catch to know
The most important thing to remember is that the process relies on your existing records. You must ensure that your CPF records are updated correctly to receive the credit, as accurate documentation is necessary for the disbursement to occur.
How to apply
Because the credit is handled through an automatic disbursement, you do not need to submit a formal application. To ensure everything is in order, you can follow these steps:
- Verify that you meet the requirement of hiring local workers.
- Check your business records to ensure all employment information is current.
- Confirm that your CPF records are updated correctly to facilitate the credit.
- Monitor your accounts for the automatic disbursement.