Saving Jobs, Supporting Wages
Jobs Support Scheme
To help employers retain workers, the Jobs Support Scheme (JSS) wage subsidy for the month of April 2020 will be enhanced up to 75% somefor all sectors to help firms retain and pay their workers during the circuit breaker period. More information is available on IRAS’ JSS microsite.
Enhanced Wage Credit Scheme
Additional $500m for employees’ wage increases, on top of $600m disbursed in March 2020. More information is available on IRAS’ Enhanced WCS microsite.
Adapt and Grow
Adapt and Grow redeployment programs enhanced to support enterprises to retain and reskill local workers. More information is available on WSG’s Adapt and Grow microsite.
Creating Job Opportunities
Co-fund wage costs of companies offering traineeships to first-time jobseekers. Supporting up to 8,000 traineeships in 2020 across both large and small enterprises. More information is available on WSG’s SGUnited microsite.
SGUnited Jobs Initiative
The SGUnited Jobs Initiative aims to create about 10,000 more jobs over the next one year. WSG launched the SGUnited Jobs Virtual Career Fairs (VCF) to make job opportunities easily accessible for jobseekers and workers. More information is available on WSG’s SGUnited microsite.
Boosting Employment – SkillsFuture
Next Bound of Skills Future
There will be a $500 SkillsFuture Credit top-up for adult Singaporeans aged 25 and above. There will be new SkillsFuture Enterprise Credit to support firms in workforce and enterprise transformation. The Government will introduce job redesign support under Productivity Solutions Grant. More than double the capacity of SkillsFuture Work-Study Programs will be introduced to boost industry readiness. More information is available on SkillsFuture’s Next Bound microsite.
Mid-Career Support Package
There will be a special $500 SkillsFuture Credit top-up for Singaporeans aged 40 to 60. The Government will increase capacity of reskilling programs to support more local workers in their 40s and 50s in career transitions. The package includes hiring incentives for employers who hire local job seekers aged 40 and above through reskilling programs. More information is available on SkillFuture’s Mid-career Support Package microsite.
Temporary Bridging Loan Programme
The Temporary Bridging Loan Programme (TBLP) provides access to working capital for business needs. Eligible enterprises may borrow up to $5 million under the TBLP, with the interest rate capped at 5% p.a., from Participating Financial Institutions (PFIs). The Government will provide 90% risk-share on these loans for new applications initiated from 8 April until 31 March 2021. Eligible enterprises under the TBLP may also apply for up to 1 year deferral of principal repayment to help manage their debt, subject to assessment by the PFIs. More information is available on Enterprise Singapore’s TBLP microsite.
Enterprise Financing Scheme
The Enterprise Financing Scheme (EFS) covers six areas to address enterprises’ financing needs. Enterprise Singapore will share the loan default risk in the event of enterprise insolvency with the Participating Financial Institutions. More information can be found on Enterprise Singapore’s EFS microsite.
Loan Insurance Scheme
Enterprises can secure short-term trade financing loans via the Loan Insurance Scheme (LIS) from Participating Financial Institutions (PFI). Loans are insured by commercial insurers which co-share loan default with the PFI in the event of enterprise insolvency. A portion of the insurance premium is supported by the Government. Support for the LIS insurance premium will be increased to 80% (from 50%) until 31 March 2021. More information can be found on Enterprise Singapore’s LIS microsite.
Property Tax Rebates for Non-Residential Properties
100% rebate for qualifying commercial properties (including hotels, serviced apartments, tourist attractions, shops and restaurants), 60% rebate for Integrated Resorts and 30% rebate for other non-residential properties. Property owners are mandated by law to pass on Property Tax rebate to tenants. More information is on IRAS’ property tax microsite.
Enhanced Support for Enterprises
As Singapore prepares for recovery, businesses can leverage on enhanced programs to digitalize, restructure and transform. This includes the SMEs Go Digital which will be enhanced to include more digital solutions for business continuity, and maximum support levels for Enterprise Development Grant (EDG) and Productivity Solutions Grants (PSG) which will be raised to 80% and 90% respectively. More information can be found on Enterprise Singapore’s Grants microsite.
Enhanced Training Support for SMEs
Recognising the challenges that SMEs may face in sending their employees for training, the Enhanced Training Support for SMEs (ETSS) offers additional support for SMEs. This includes higher course fee grants and enhanced absentee payroll funding. More information can be found on SkillsFuture’s ETSS microsite.
Transformation & Growth Strategy
GoBusiness is a single touchpoint for G2B transactions. This initiative is part of the Enterprise Transform Package to help enterprises identify business needs, adopt pre-approved digital technologies, and take the first steps to enter new markets. More information is available on GoBusiness’ website.
Market Readiness Assistance
Small and medium enterprises (SMEs) will receive an international boost with the Market Readiness Assistance (MRA) grant to help take your business overseas. Market Readiness Assistance (MRA) will be enhanced to up to 70% to help more enterprises enter new markets and a support level of up to 70% will be extended until 31 March 2023.