Singapore Budget 2022

Singapore Budget 2022
Our Finance Minister, Mr Lawrence Wong, has just delivered the new Budget 2022 “Charting our New Way Forward Together” today.

Here are the highlights:

  1. 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

  1. 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

  1. 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.

  1. 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

  1. Singapore Global Executive Programme
  • Help enterprises to attract and nurture next generation of leaders through industry and overseas attachments, mentorships and peer support networks

  1. 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

  1. Company Training Committees (CTCs)
  • New grant administered by NTUC to support companies’ transformation plans

  1. 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

  1. 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 our Budget 2022 – Live Webinar!

Join us for an exclusive webinar on to explore the highlights from Budget 2022 and how you could benefit as a local business!

  1. How your business can benefit from the latest government grants in Budget 2022.
  2. 5 Must-Have Digital Solutions with 80% subsidy that you must apply by 31 March
  3. (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.

Psst! You are only 1 month away from the reduced Productivity Solutions Grant funding! Contact us now to apply for it quickly with up to 80% funding!
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