Singapore’s Workfare Income Supplement (WIS) program provides financial support to lower-income workers, including those in the gig economy. In 2024, eligible platform workers can receive up to $3,267 annually through this initiative. This article explains the eligibility criteria, payment details, and the application process.
What is the Workfare Income Supplement (WIS) Program?
The WIS program is designed to boost income and enhance the retirement savings of lower-wage workers. Recognizing the challenges faced by platform workers such as irregular income and lack of traditional employment benefits the Singapore government has extended WIS benefits to this segment. The program ensures financial security while also contributing to long-term savings.
Eligibility Criteria for Platform Workers
To qualify for WIS, platform workers must be Singapore citizens and at least 30 years old as of December 31 of the work year (with exceptions for persons with disabilities). Their gross monthly income must fall between $500 and $3,000, both for individual months and on average over the past 12 months.
Additionally, the worker must reside in a property with an annual value of $21,000 or below and must not own more than one property. To receive payouts, platform workers must contribute to their MediSave account, ensuring that they save for future healthcare needs.
How Are Payments Made?
Starting in 2025, WIS payments for platform workers will be disbursed monthly. The structure is designed to balance immediate cash needs with long-term savings. 10% of the payout is given in cash, credited to the worker’s PayNow-NRIC linked account, while 90% is directed to MediSave for healthcare expenses. This ensures both short-term financial relief and long-term security.
Application Process
Workers do not need to apply for WIS. The CPF Board automatically assesses eligibility based on income data reported by platform operators. If a platform operator does not report a worker’s income correctly or fails to make CPF contributions, the worker should contact them for clarification. If the issue persists, they can escalate the matter to the CPF Board.
Conclusion
The enhanced Workfare Income Supplement program is a significant step in supporting platform workers in Singapore. By understanding the eligibility requirements and ensuring CPF compliance, workers can take full advantage of the $3,267 benefit to improve their financial security.