Introduced in 2007, the Workfare Income Supplement Scheme (WIS) is a broad-based measure that tops up the salaries of our lower-income workers and helps them save for retirement.
From Work Year 2020, the Government will enhance the Workfare Income Supplement (WIS) Scheme to uplift the income and CPF savings of lower-wage Singaporean workers, and to encourage them to work regularly.
As a self-employed person, you will qualify for WIS if you:
- are a Singapore Citizen;
- are 35 years old or above on 31 December of the work year (all persons with disabilities would qualify for WIS);
- have declared your net trade income and made MediSave contributions.
- earn an average monthly income of not more than $2,300 for the month worked (previously $2,000); and
- have declared your net trade income and made MediSave contributions.
However, you will not qualify for WIS if you:
- live in a property with an annual value1 of more than $13,000 assessed as at 31 December of the preceding year;
- own two or more properties; or
- if married:
- you and your spouse together own two or more properties; or
- the assessable income of your spouse for the preceding Year of Assessment exceeds $70,000.
1Annual value is the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees. It is determined based on estimated market rentals of similar or comparable properties.
You may check the annual value of your property here: https://www.iras.gov.sg/irashome/Property/Property-professionals/Real-Estate-Housing-Agents/Find-out-Annual-Values/