Here are the highlights:
- Small Business Recovery Grant
- $1,000 payout per local employee hired, capped at $10,000 per company
- Once-off $1,000 for entities that do not hire locals, such as sole proprietors, SFA-licensed hawkers, market and coffeeshop stallholders
- Enterprise Financing Schemes
- Temporary Bridging Loan Programme
- Extended for another 6 months, from 1 April to 30 September 2022, with revised parameters
- Enhanced Trade Loan Scheme
- Extended for 6 months to 30 September 2022
- 70% risk-share for more nascent markets beyond September 2022
- Merger & Acquisition Loan Programme
- Include domestic M&A activities from 1 April 2022 to 31 March 2026
- Enhanced Project Loan
- Extended to 31 March 2023 to support domestic construction projects
- Productivity Solutions Grant
- $600 million set aside for more digital and automation projects to raise productivity
- Subsidised accounting and point-of-sale solutions to support GST adjustments
- Up to 70% funding for qualifying cost of digital solutions from 1 April 2022 PSG funding has been reduced to 50% on 1 April 2023.
- Singapore Global Enterprises
- Provide bespoke assistance tailored to the needs of local enterprises, in areas such as innovation, internationalisation and fostering of partnerships with other firms
- Singapore Global Executive Programme
- Help enterprises to attract and nurture next generation of leaders through industry and overseas attachments, mentorships and peer support networks
- SkillsFuture Enterprise Credit
- Waiver of requirement for $750 Skills Development Levy contributions for the qualifying period 1 January to 31 December 2021
- Up to $10,000 credits given for workplace transformation and manpower training
- Extended deadline till 30 June 2024 for companies to submit claim
- Company Training Committees (CTCs)
- New grant administered by NTUC to support companies’ transformation plans
- Foreign Worker Policies
- All companies employing foreign workers will have to pay local workers the minimum qualifying salary of $1,400
- Employment Pass
- Minimum qualifying salary raised from $4,500 to $5,000
- Takes effect from 1 September 2022
- S Pass
- Minimum qualifying salary raised from $2,500 to $3,000
- Takes effect from 1 September 2022
- Work Permit
- Dependency Ratio Ceiling (DRC) will be adjusted from 1:7 to 1:5 from 1 January 2024
- Progressive Wage Credit Scheme
- $2 billion set aside for co-funded wage increases for lower-income workers
- For workers earning up to $2,500:
- 50% co-funding in 2022 and 2023
- 30% co-funding in 2024 and 2025
- 15% in 2026
- A lower co-funding ratio will be extended for workers earning above $2,500 up to $3,000
More details on the grants and support programmes will be announced by the respective ministries at a later date.
Join us for an exclusive webinar on to explore the highlights from Budget 2022 and how you could benefit as a local business!
- How your business can benefit from the latest government grants in Budget 2022.
- 5 Must-Have Digital Solutions with 80% subsidy that you must apply by 31 March
- (Newly Launched!) How to get FREE In-house Chief-Technology-Officer to accelerate digitalization.
Who should join: Business Owners of SMEs/Startups, anyone else who are interested to learn how they can tap on government grants and ways to automate their businesses.
Date: Tuesday, 15 March, 3 to 4 pm
Venue: Live on Zoom
Admission: Free
All attendees would receive free gifts worth up to $190(no purchases required). Register by clicking on the button on the right.
