Government Grants: What you need to know
Since the beginning of the COVID-19 crisis the Singapore government has introduced four packages of relief funding totalling S$93 billion. Meant primarily as an investment in Singaporeans and Singaporean companies, this whopping amount of capital has seen several grants and subsidies introduced and several more improved. Used right, these benefits can be used to leverage new technology, retraining and much more to give an organization a much-needed boost. Given the complex nature of all grants and subsidies, however, this begs the question - which one can I use to add value to my business and/or strengthen my Human Resource functions to support business growth.
Enterprise Development Grant
Perfect for: Companies that are interested in reinventing their human resources structures, capabilities, systems, and tools. The grant provides diverse solutions and flexibility to your human resources needs.
Benefits include: Grant support up to 80% for SMEs, and 60% for non-SME qualified costs.
What can you do with it: Strengthen your company’s human resources capabilities using technologies to improve the way you work or enhance human capital development.
Who can apply: Singapore registered operating companies with a minimum of 30% local shareholding. Companies must be financially viable to start and complete project.
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Productivity Solutions Grant (PSG)
Perfect for: Companies who want to make long term technology investment by adopting IT solutions and equipment to enhance business processes and/or improve productivity.
Systems include: Time Attendance Software, Biometric Fingerprint, E-Claim software, Payroll software, Face Recognition.
Who can apply: Companies registered and operating in Singapore
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Start-ups and Founders Grant
Perfect for: Start-ups companies to provide opportunities to create a startup ecosystem both locally and overseas. Provides an overarching grant support serves the diverse needs of startups and founders.
Scope: Startup Talent, Startup Mentorship support for first time entrepreneurs, Startup Tech commercialization, Startup Incubator and Accelerator, Startup Equity – co-investment opportunities & Startup Infrastructure.
Benefits include: Up to 80% funding support. Applicable to all Singapore registered operating companies.
SGUnited Jobs
Perfect for: Companies interested in hiring and training new personnel.
Benefits include: Access to the SGUnited Traineeships Programme (programme ended) (companies can apply to be host companies with this Interest Form, prior to the programme commencement) and hiring incentives in various sectors that are impacted due to COVID-19.
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Other Training Schemes
In addition to the above, there are several other training support schemes available to help organisations in the various industries. These include Workforce Singapore's (WSG) Adapt and Grow Initiative and IMDA's Company-Led Training (CLT) programmes for tech jobs under the TechSkills Accelerator (TeSA), P-Max, SkillsFuture Work-Study Post-Diploma and the Enhanced Training Support Package (ETSP).
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