PWCS provides transitional support to employers by co-funding wage increases of lower-wage workers between 2022 and 2026. Employers do not need to apply. The Inland Revenue Authority of Singapore (”IRAS”) will credit payouts for employers that have implemented eligible wage increases into their accounts by the first quarter of the year following the wage increases.
The PWCS has the following features:
Government Co-Funding Levels
| Qualifying Year | Payout Period | First Tier Gross Monthly Wage Ceiling ≤S$2,500 | Second Tier Gross Monthly Wage Ceiling >S$2,500 and ≤ S$3,000 | | --- | --- | --- | --- | | 2022 | Q1 2023 | 50% | 30% | | 2023 | Q1 2024 | 50% | 30% | | 2024 | Q1 2025 | 30% | 15% | | 2025 | Q1 2026 | 30% | - | | 2026 | Q1 2027 | 15% | - |
To find out more about PWCS, click here to visit the IRAS webpage.
The JGI provides salary support for employers to expand local hiring from September 2020 to March 2022 (inclusive).
The JGI has been extended by six months to September 2022, with stepped-down rates reflecting the improved labour market conditions. This extension will only cover mature workers aged 40 and above who have not been employed for six months or more, persons with disabilities, and ex-offenders. The Ministry of Manpower will share more details at their Committee of Supply (COS).
To find out more about the JGI scheme, click here to visit the IRAS webpage.
The Small Business Recovery Grant provides a one-off cash support to small businesses in sectors that were most affected by COVID-19 Safe Management Measures. To be eligible:
Eligible firms will receive S$1,000 for each local employee with mandatory CPF contributions in the period from 1 November 2021 to 31 December 2021, up to a cap of S$10,000 per firm.
Sole proprietorships and partnerships that are run by at least one local business owner but do not hire any local employees will receive a flat payout of S$1,000, if the local business owner is earning a net trade income of no more than S$100,000, filed with IRAS in YA 2021 by 31 December 2021.
IRAS will notify eligible firms starting from June 2022. More information is available on **IRAS’ website.**
The TBLP was introduced in March 2020 to provide enterprises with access to working capital during the COVID-19 crisis and will be extended for another six months to 30 September 2022, with revised parameters (as listed below):
This will be complemented by the concurrent extension of the MAS SGD Facility for Enterprise Singapore (“ESG”) Loans. To find out more on TBLP, visit Enterprise Singapore’s webpage
The EFS-TL supports Singapore-based enterprises’ trade financing needs, which include the financing of short-term import, export, and guarantee needs.
The EFS-TL was first enhanced in April 2020 to provide enterprises with better access to trade financing amidst slower business activities and longer payment cycles due to COVID-19. The enhancement to EFS-TL will be extended for a further six months to 30 September 2022, with revised parameters given continued uncertainties in the global trade ecosystem.
Beyond 30 September 2022, the enhanced risk-share of 70% will be maintained for young enterprises and enterprises trading in countries with S&P rating BB+ and below, including non-rated countries.
The revised parameters of the enhanced EFS-TL are as follows:
The EFS-PL supports Singapore-based enterprises’ overseas project financing needs, which include the financing of working capital, guarantee, and fixed assets.
The EFS-PL was enhanced in January 2021 to support domestic construction projects amidst the challenges of COVID-19.
The enhancement to EFS-PL will be extended for another year to 31 March 2023, to support construction enterprises in fulfilling domestic projects amidst rising costs and tightened cashflow.
The parameters of the enhanced EFS-PL are as follows:
The Enterprise Financing Scheme – Merger and Acquisition Loan (“EFS-M&A”) supports Singapore-based enterprises’ acquisition of overseas or local enterprises, with the intent of internationalisation.
The EFS-M&A will be enhanced for four years, from 1 April 2022 to 31 March 2026, to include domestic M&A activities. This is to support enterprises to scale and expand through M&A, including venturing into complementary businesses and emerging sectors.
The parameters of the enhanced EFS-M&A are as follows:
ADS was launched in 2020 to promote and amplify the adoption of advanced integrated solutions (such as in robotics, Internet of Things, and other technologies).
From 1 April 2022, the scheme will be expanded to include solutions that leverage Artificial Intelligence (“AI”) and Cloud technologies, to help enterprises improve operational efficiency and business decisions. Participating enterprises will receive up to 70% funding support for these solutions.
The Grow Digital scheme will be expanded to help businesses better leverage digital platforms to reach international markets.
From 1 April 2022, Grow Digital will be expanded to include more pre-approved digital platforms, so that more businesses can internationalise without requiring an in-market presence. Through these platforms, SMEs can also build capabilities to reach new markets more effectively, such as through AI-powered business matching to connect SME suppliers with potential overseas clients, cross-border e-payment facilities, and training to build competitive, globally-oriented businesses.
Participating enterprises will receive up to 70% funding support to onboard the B2B and B2C platforms.
The SFEC encourages employers to undertake enterprise and workforce transformation initiatives. Eligible employers receive a one-off credit of up to S$10,000 to cover up to 90% of out-of-pocket expenses for supportable enterprise transformation programmes (e.g., Enterprise Development Grant, Productivity Solutions Grant) and workforce transformation programmes (e.g., Training courses aligned to the various industry Skills Frameworks by SkillsFuture Singapore, Job Redesign Initiatives and Career Conversion Programmes). Of the S$10,000 credit for an eligible employer, S$3,000 is ring-fenced for workforce transformation initiatives.
The SFEC has been enhanced as below:
Qualifying Period 1 January 2021 to 31 December 2021.
Eligibility Criteria (Revised) Employers must meet the following conditions over the qualifying period:
How To Apply There is no need to apply for SFEC. Employers who fulfil the eligibility criteria will be informed by Enterprise Singapore in writing, along with the relevant details.
Employers newly qualified in 2021 may use their SFEC for supportable programmes applied from 1 April 2022. Employers who were previously qualified can continue to use their SFEC for supportable programmes submitted on or after 1 April 2020. Final claims for SFEC-supportable programmes must be submitted to the respective agencies by 30 June 2024.
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