Been hearing about the Workfare Income Supplement (Workfare) Scheme? What is it?The Workfare Income Supplement (Workfare) Scheme is a permanent scheme to encourage older low wage workers to find work and work regularly, while helping them save for their longer term and retirement needs.
Who qualifies?
To qualify for Workfare for work done in 2008, you must
1) Be a Singapore Citizen;
2) Earn an average monthly income of less than $1,500 during the work period;
3) Be 35 years old and above as at 31 Dec 2008;
4) Stay in a property with an Annual Value of $10,000 or less as at 31 Dec 2007; and
5) Work at least three months in any six month period in the calendar year for half the payout, or at least six months in the calendar year for the full payout.
To qualify for Workfare for work done in 2008, you must
1) Be a Singapore Citizen;
2) Earn an average monthly income of less than $1,500 during the work period;
3) Be 35 years old and above as at 31 Dec 2008;
4) Stay in a property with an Annual Value of $10,000 or less as at 31 Dec 2007; and
5) Work at least three months in any six month period in the calendar year for half the payout, or at least six months in the calendar year for the full payout.
To qualify for Workfare for work done in 2009, you must
1) Be a Singapore Citizen;
2) Earn an average monthly income of less than $1,500 during the work period;
3) Be 35 years old and above as at 31 Dec 2009;
4) Stay in a property with an Annual Value of $11,000 or less as at 31 Dec 2008; and
5) Work at least three months in any six month period in the calendar year for half the payout, or at least six months in the calendar year for the full payout.
1) Be a Singapore Citizen;
2) Earn an average monthly income of less than $1,500 during the work period;
3) Be 35 years old and above as at 31 Dec 2009;
4) Stay in a property with an Annual Value of $11,000 or less as at 31 Dec 2008; and
5) Work at least three months in any six month period in the calendar year for half the payout, or at least six months in the calendar year for the full payout.
Self employed or informally employed?
Not a problem. If you are self-employed or informally employed you will need to declare your income to CPF Board or IRAS and contribute to your CPF Medisave Account in order to qualify for Workfare. All qualifying members will need to fully pay up their CPF Medisave liability before Workfare can be allotted.
For more information, click here
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