Aligning Maximum Payable Amounts in Contract of Employment for Winding-up across Legislation

Mr Patrick Tay Teck Guan asked the Deputy Prime Minister and Minister for Finance whether the Ministry will consider raising the maximum amount payable under any contract of employment in a winding-up as stated in section 76(2) of the Limited Liability Partnerships Act 2005 from $7,500 to $13,000 so as to align with the maximum amount stated in section 2(1)(b) of the Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020.

Mr Lawrence Wong: The Government recognises the importance of safeguarding the interests of employees in a winding-up. We will review the maximum amount payable to employees of limited liability partnerships in the event of a winding-up .