SINGAPORE PAYS $920 MILLION TO SAVE LOCAL WORKERS

SINGAPORE, March 24 (Bernama) -- Singapore will pay out $920 million to some
1.3 million local workers as the first disbursement under its Jobs Credit Scheme
on March 31.

The scheme is part of the $20.5 billion resilience package announced by the
government in Budget 2009 to help the island republic see through the severe
economic downturn this year.

Singapore's Finance Ministry said today the Jobs Credit Scheme would provide
cash grants to about 100,000 employers to help them preserve jobs.

Under the scheme, an employer will receive a 12 percent cash grant on the
first $2,500 of each month's wages for each employee on their Central Provident
Fund payroll.

It is a one-year scheme with four quarterly payments, and the first payment
will be based on the wages that they paid in October to December 2008.
-- BERNAMA