An initiative by SRA
An initiative by SRA
Join the Operation & Technology Roadmap (OTR) programme to build a plan that uses technology to develop your business for long-term profit.
The Energy Efficiency Fund (E2F) aims to help manufacturing SMEs improve energy efficiency by adopting energy efficient equipment or technologies. E2F co-funds up to 70% of the qualifying costs, which include external manpower, equipment or technology and professional services.
The Productivity Solutions Grant (PSG) helps Singapore companies improve their productivity and automate existing processes through IT solutions and equipment.
The Enterprise Development Grant helps businesses grow and transform. For businesses looking to embark on projects aimed at business transformation, strengthening business foundations and strategies, or innovation and productivity, the Enterprise Development Grant provides support by covering third-party consultancy fees, software and equipment, and internal manpower cost.
For the Food Services and Retail sectors, the EDG support level will be at up to 80% from 1 April 2022 to 31 March 2023. From 1 April 2023, SMEs can receive up to 50% support for EDG (sustainability-related projects may be supported at up to 70% from 1 April 2023 to 31 March 2026).
The Progressive Wage Credit Scheme (PWCS) was introduced in Budget 2022 to provide transitional wage support for employers to:
Adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements; and voluntarily raise wages of lower-wage workers.
The Government will co-fund wage increases of eligible resident employees from 2022 to 2026. Employers do not need to apply for the PWCS and can expect to receive the payout for 2022 by the first quarter of 2023.
The SkillsFuture Enterprise Credit (SFEC) encourages employers to invest in enterprise transformation and capabilities of their employees. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.
To encourage more employers to hire persons with disabilities, the EEC will be enhanced to cover a larger proportion of wages and a longer duration for PwDs who have not been working for at least six months.
The EEC will be available for five years from 2021 to 2025. To ensure that the EEC remains helpful for PwDs to find and remain in employment, the Ministry of Manpower will review the EEC after two years and make adjustments if necessary.
CTO will be provided to employers for the 2024 increase in senior workers’ CPF contribution rates.
To alleviate the rise in business costs due to the increase in CPF contribution rates for senior workers, the Government will provide employers with a transitionary wage offset equivalent to 50% of each year’s increase in employer CPF contribution rates for every Singaporean and Permanent Resident worker they employ aged above 55 to 70. The offset to employers will be based on employees’ monthly incomes paid up to the CPF salary ceiling of $6,000 per month.
The Market Readiness Assistance (MRA) grant helps companies expand into new markets overseas by defraying the costs of overseas market promotion, business development and set-up.
The Business Improvement Fund (BIF) aims to encourage technology innovation and adoption, redesign of business models and processes in the tourism sector to improve productivity and competitiveness.
