More than 100,000 employers in Singapore will receive 890 million Singapore dollars (about US$622 million) from the third payment of Jobs Credit, the country's Ministry of Finance said on Tuesday.

The employers are currently employing about 1.4 million local workers.

The Jobs Credit scheme was introduced in the Singapore Budget 2009 to encourage businesses to preserve jobs in the downturn.

Employers will be given cash grants to retain local workers on their payroll. The credit an employer receives will compromise 12 percent of the first 2,500 Singapore dollars (US$1,748) of the wages of each employee who is on the Central Provident Fundpayroll.

It provides an incentive for businesses to retain existing workers, and where their business warrants, to employ new ones.

Eligible employers will receive a notification letter by September 24 from the Inland Revenue Authority of Singapore.

(Xinhua News Agency September 23, 2009)