What you need to know as a business?
How can your business benefit?
MANPOWER BOOST
- Jobs Support Scheme
- Extended 6 months for Aviation, Aerospace and Tourism sectors
– 30% support will be given for wages paid from April to June 2021
– 10% support for wages paid from July to Sept 2021 - Extended 3 months for Retail, Food Services, Arts & Culture and Built Environment sectors
– 10% support will be given for wages paid from April to June 2021
- Extended 6 months for Aviation, Aerospace and Tourism sectors
- Jobs Growth Incentive
- Extend hiring window of locals by 7 months to end Sept 2021
- 25% of wage support for up to 12 months will be provided for non-mature local hires
- 50% of wage support for up to 18 months will be provided for mature local hires, persons with disabilities and ex-offenders
- Supportable monthly wage cap will be increased from $5,000 to $6,000
- Senior Worker Early Adopter Grant & Part-Time Re-Employment Grant
- Additional $200 million provided under the grant
- Companies can get up to $7,500 for each senior worker aged 60 & above
- Wage Credit Scheme
- Extended for another year to support wage increments for local workers
- 15% co-funding for wage increments in 2021
GROWTH & TRANSFORMATION
- Extend Support for Existing Schemes
- 80% Support for existing grants to end March 2022
– Productivity Solutions Grant
– Enterprise Development Grant
– Market Readiness Assistance
– Job Redesign
– Scale-up SG Programme
- 80% Support for existing grants to end March 2022
- Emerging Technology Programme
- Co-funds the cost of trials and adoption of frontier technologies such as 5G, artificial intelligence and trust technologies
- CTO-as-a-Service Initiative
- Provides access to professional IT consultancies
- Digital Leaders Programme
- Hiring core digital team to develop digital transformation roadmaps
NURTURING CREATIVITY
- Corporate Venture Launchpad
- Provide co-funding for companies to build new venture through pre-qualified venture studios
- Open Innovation Platform
- Facilitates matching of problems faced by companies and public agencies with solution providers
- Co-funds prototyping and deployment
- Global Innovation Alliance
- Catalyse cross-border collaboration between Singapore and major global innovation hubs
- Co-funds innovation and partnership projects
CAPITAL FINANCING
- Enterprise Financing Scheme – Venture Debt Programme
- Up to 70% risk-sharing on eligible loans
- Cap on loan quantum increased from $5 million to $8 million
- Local Enterprise Funding Platform
- $1 billion growth capital to support Large Local Enterprises (LLEs) to transform or expand overseas
More details on the grant and subsidies will be announced at a later date by different ministries.
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