Singapore legislation
Clause 59
Clause 59
Interest on compensation not paid or deposited in time
(1)
Where any person fails to pay or deposit compensation in accordance with section 18, 19 or 58(4)(a) (as the case may be) within the time required by or under this Act, interest is payable at the prescribed rate.
(2)
The total amount of interest payable under subsection (1) must not exceed 50% of the amount of compensation that the person has failed to pay or deposit within the required time.
(3)
Interest under this section must be deposited with the Commissioner within such time as the Commissioner may specify.
(4)
The Commissioner may waive or remit the whole or any part of the interest payable under this section.