Here are the highlights:

1. Small Business Recovery Grant

• $1,000 payout per local employee hired, capped at $10,000 per company
• Once-off $1,000 for entities that do not hire locals, such as sole proprietors, SFA-licensed hawkers, market and coffeeshop stallholders

2. Jobs Growth Incentive

• Extended by 6 months to September 2022
• With gradual stepped-down support rates

3. Enterprise Financing Schemes

• Temporary Bridging Loan Programme
  • Extended for another 6 months, from 1 April to 30 September 2022, with revised parameters
• Enhanced Trade Loan Scheme
  • Extended for 6 months to 30 September 2022
  • 70% risk-share for more nascent markets beyond September 2022
• Merger & Acquisition Loan Programme
  • Include domestic M&A activities from 1 April 2022 to 31 March 2026
• Enhanced Project Loan
  • Extended to 31 March 2023 to support domestic construction projects

4. Productivity Solutions Grant

• $600 million set aside for more digital and automation projects to raise productivity
• Subsidised accounting and point-of-sale solutions to support GST adjustments
• Up to 70% funding for qualifying cost of digital solutions from 1 April 2022
  PSG funding has been reduced to 50% on 1 April 2023.
  

5. Singapore Global Enterprises

• Provide bespoke assistance tailored to the needs of local enterprises, in areas such as innovation, internationalisation and fostering of partnerships with other firms

6. Singapore Global Executive Programme

• Help enterprises to attract and nurture next generation of leaders through industry and overseas attachments, mentorships and peer support networks

7. SkillsFuture Enterprise Credit

• Waiver of requirement for $750 Skills Development Levy contributions for the qualifying period 1 January to 31 December 2021
• Up to $10,000 credits given for workplace transformation and manpower training
• Extended deadline till 30 June 2024 for companies to submit claim

8. Company Training Committees (CTCs)

• New grant administered by NTUC to support companies’ transformation plans

9. Foreign Worker Policies

• All companies employing foreign workers will have to pay local workers the minimum qualifying salary of $1,400
• Employment Pass
  • Minimum qualifying salary raised from $4,500 to $5,000
  • Takes effect from 1 September 2022
• S Pass
  • Minimum qualifying salary raised from $2,500 to $3,000
  • Takes effect from 1 September 2022
• Work Permit
  • Dependency Ratio Ceiling (DRC) will be adjusted from 1:7 to 1:5 from 1 January 2024

10. Progressive Wage Credit Scheme

• $2 billion set aside for co-funded wage increases for lower-income workers
• For workers earning up to $2,500:
  • 50% co-funding in 2022 and 2023
  • 30% co-funding in 2024 and 2025
  • 15% in 2026
• A lower co-funding ratio will be extended for workers earning above $2,500 up to $3,000

More details on the grants and support programmes will be announced by the respective ministries at a later date.

Join us for an exclusive webinar on to explore the highlights from Budget 2022 and how you could benefit as a local business!

1. How your business can benefit from the latest government grants in Budget 2022.
2. 5 Must-Have Digital Solutions with 80% subsidy that you must apply by 31 March
3. (Newly Launched!) How to get FREE In-house Chief-Technology-Officer to accelerate digitalization.

Who should join: Business Owners of SMEs/Startups, anyone else who are interested to learn how they can tap on government grants and ways to automate their businesses.
Date: Tuesday, 15 March, 3 to 4 pm
Venue: Live on Zoom
Admission: Free

All attendees would receive free gifts worth up to $190(no purchases required). Register by clicking on the button on the right.