Close to $2.3 billion in grants given to businesses in FY 2023/24

More than 131,000 businesses benefited from $2.28 billion in grants from various government schemes in FY2023/24.

IRAS supported these efforts to help workers and businesses by administering the grants. These grants provided cost relief to businesses and promoted inclusive growth to benefit lower-wage and senior workers.

The major schemes included the Jobs Growth Incentive, the Progressive Wage Credit Scheme and the Senior Employment Credit.

Here’s a rundown of the grants disbursed for each scheme:

• $177 million for Jobs Growth Incentive
• $1.67 billion for Progressive Wage Credit Scheme
• $311 million for Senior Employment Credit

What’s done well? IRAS kept the disbursement process highly efficient so that businesses could get timely support. We also put in place a robust anti-gaming framework that leverages data from multiple sources to prevent and detect abuses.

Read more on IRAS Annual Report 2023/24.