Jobs Support Scheme help you retain your local employees (Singapore Citizens and Permanent Residents) during this period of economic uncertainty.
The government will co-fund the first $4,600 of gross monthly wages (includes employee CPF contributions but excludes employer CPF contributions) to each local employee for nine months. There are three levels of co-funding for employers in different sectors, as shown in the table below.
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Enterprise Development Grant (EDG) helps your company to grow and transform, supporting in the upgrade of your business, innovate or venture overseas.
1) Core Capabilities
Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.
2) Innovation and Productivity
Projects under Innovation and Productivity support companies that explore new areas of growth or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.
3) Market Access
Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.
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The Productivity Solutions Grant (PSG) supports companies keen on adopting IT solutions and equipment to enhance business processes.
As announced at Supplementary Budget 2020, PSG will be enhanced to encourage enterprises to continue their digitalisation and productivity upgrading efforts. The maximum funding support level will be raised to 80% from 1 April 2020 to 31 December 2020. The scope of Generic solutions will also be expanded to help enterprises implement COVID-19 business continuity measures:
SME Working Capital Loan (EFS-WCL) is enhanced until 31 March 2021 to help SMEs with their working capital needs. The maximum loan quantum was raised from $300,000 to $1 million. Risk-share was also increased to 90% (from 50% and 70% for young companies) for new applications
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