In a rapidly evolving business landscape, staying competitive is crucial for enterprises. Singapore, being a global business hub, understands this need and has introduced various schemes to support businesses in their growth and transformation journey. One such initiative is the SkillsFuture Enterprise Credit (SFEC), which plays a significant role in the Productivity Solutions Grant (PSG).
What is SkillsFuture Enterprise Credit (SFEC)?
SkillsFuture Enterprise Credit (SFEC) is a financial incentive program launched by the Singapore government to encourage enterprises to invest in both enterprise transformation and workforce transformation. The scheme offers a one-off $10,000 credit to qualifying enterprises to cover up to 90% of out-of-pocket expenses for supported programs.
How Does SFEC Relate to Productivity Solutions Grant (PSG)?
The Productivity Solutions Grant (PSG) is another initiative aimed at assisting businesses in their digital transformation journey. It supports companies in the adoption of IT solutions and equipment that improve productivity. The SFEC can be utilized to offset the costs incurred in PSG-approved projects, making it easier for businesses to adopt new technologies and solutions without worrying too much about the financial burden.
To be eligible for SFEC, enterprises must meet the following criteria:
- Be registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Have a group annual sales turnover of less than $100 million OR have fewer than 200 employees
How To Check If Your Company Is Eligible
Login to the Business Grants Portal (BGP) at https://www.businessgrants.gov.sg/
Look out for below banner on BGP. Employers that are not eligible for SFEC will not have the banner reflected on their BGP application page below.
Make Use Of SFEC With PSG
The SkillsFuture Enterprise Credit (SFEC) serves as a financial catalyst that enables Singaporean enterprises to take full advantage of the Productivity Solutions Grant (PSG). By combining these two powerful schemes, businesses can not only enhance their productivity but also ensure that their workforce is equipped with the necessary skills for the future.
So, if you are a business owner in Singapore, it’s time to explore how you can benefit from SFEC and PSG to take your enterprise to the next level.