SEP Income Relief Scheme (SIRS)

SEP Income Relief Scheme (SIRS)
October 24, 2020 No Comments Finance Dheeraj Prajapati

Applications for the Self-Employed Person Income Relief Scheme (SIRS) will open on 27 April 2020!
Before applications open, Self-Employed Persons (SEPs) can use the Online Eligibility Checker (www.ntuc.com.sg/SIRS) to check if they auto-qualify.

Note:

? If you meet the eligibility criteria but are aged 21 to 36 (as at 31 Dec 2020) OR marginally missed one of the criteria and are facing difficult circumstances now, fret not! NTUC is helping MOM to manage applications and appeals for you. Stay tuned for application details!

We are sorry that applications are delayed to 27 April, but we are working very hard to ensure that the system is secure and easy to use!

Meanwhile, please prepare the following before applications open:

  • File your tax return for income earned from 1 Jan to 31 Dec 2019. https://mytax.iras.gov.sg
  • Have a valid SingPass login. https://www.singpass.gov.sg/singpass/register/instructions
  • Authorise MyInfo (for SingPass users) to display your Income and CPF information. bit.ly/myinfo_hp

Stay safe!

SEP Income Relief Scheme (SIRS) – announcement on 26 March 2020
Support for Self-Employed Persons

In fighting the “moving target” that is the coronavirus pandemic, the Singapore government’s priority is to save jobs and protect Singaporeans’ livelihoods. Thus, eligible Singaporean SEPs will receive $1,000 a month, for 9 months.

Eligible SEPs will receive 3 quarterly cash payouts of $3,000 each, in May, Jul and Oct 2020.

All SEPs who are currently receiving Workfare payouts will be automatically eligible for SIRS.

SEPs are also eligible if they:

  • Started work as an SEP on or before 25 March 2020
  • Do not also earn income as an employee
  • Earn a Net Trade Income of no more than $100,000
  • Live in a property with an annual value of no more than $13,000
  • Do not own 2 or more properties

For married SEPs, additional criteria apply:

  • The individual and spouse together do not own 2 or more properties
  • Assessable Income of the individual’s spouse does not exceed $70,000

Automatic payments for most eligible SEPs

Singaporean SEPs aged 37 and over in 2020 who declared positive SEP income to the Inland Revenue Authority of Singapore (IRAS)/CPF Board (CPFB)[1] for Work Year 2018 do not need to apply. They will be automatically notified of their eligibility via letter and SMS, and will receive the first SIRS payout automatically in May 2020.

Other eligible SEPs may apply for SIRs. More details on SIRS and the application process will be released at a later date.

Tags
About The Author

Leave a reply

Your email address will not be published. Required fields are marked *