The gig economy has rapidly become a cornerstone of labor markets worldwide, and Singapore is no exception. With workers in sectors like ride-hailing, food delivery, and freelance services driving much of the country’s daily operations, it’s essential to support them. However, platform workers often face challenges like unpredictable income, limited job security, and lack of access to traditional social safety nets.
To address these issues, the Singapore government has introduced significant updates to the Workfare Income Supplement (WIS) program. From 2024, eligible platform workers can receive up to $3,267 annually, offering crucial financial support and greater social protection.
What is the Workfare Income Supplement (WIS)?
The Workfare Income Supplement (WIS) is a government initiative aimed at supporting lower-income workers, including self-employed individuals and platform workers. This financial aid is designed to help workers manage their daily expenses while contributing to long-term savings through the Central Provident Fund (CPF). While the program initially focused on traditional employees, recent updates have expanded its scope to include gig economy workers.
Key Changes in the WIS Program for Platform Workers
Starting in 2024, several important updates will benefit platform workers. These changes aim to provide consistent income, build savings, and offer better access to social protection:
Monthly payouts instead of annual payments.
Mandatory CPF contributions from platform operators.
Increased payouts for eligible workers aged 60+ or those with disabilities.
How Much Financial Support Can Platform Workers Expect?
Platform workers can now receive up to $3,267 per year, which will be divided into cash payments and CPF contributions. The total payout depends on the worker’s age and earnings. Here’s the breakdown of what workers can expect:
Age Group Maximum Annual Payout Cash
Component CPF Component
30-34 $1,700 $300 $1,400
35-44 $2,250 $450 $1,800
45-54 $2,850 $600 $2,250
55-59 $3,150 $750 $2,400
60+ $3,267 $800 $2,467
How WIS Payments Work: Monthly Payouts
In contrast to the previous annual payments, platform workers will now receive their payouts on a monthly basis. This change ensures consistent financial support, making it easier for workers to plan their finances. For example, work completed in January will result in a payout by the end of March.
CPF Contributions for Platform Workers
To align with traditional employees, platform operators are now required to contribute to the CPF accounts of their workers. These contributions will help ensure that workers can save for retirement and healthcare. Initially, the mandatory CPF deductions will be phased in, with full implementation expected by 2029.
Eligibility Criteria for WIS
Platform workers must meet certain criteria to qualify for WIS. Here are the key requirements:
Be at least 30 years old by December 31, 2024.
Total income, including Net Trade Income (NTI), should not exceed $28,000 annually.
Must have worked for at least two months in 2024.
CPF and MediSave contributions must be made during this period.
Steps for Platform Workers to Apply for WIS
Platform workers don’t need to apply manually for WIS. Eligibility is automatically assessed by the CPF Board based on income data submitted by platform operators. However, workers must ensure the following:
Declare income through the myTax Portal.
Ensure that CPF deductions and MediSave contributions are made as required.
Track income and contributions through the CPF self-employed dashboard via Singpass.
By following these steps, workers can ensure they qualify for WIS benefits, providing them with the financial support and security they deserve in t…
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