Singapore Budget 2021 – Emerging Stronger Together (for Businesses)

[vc_row text_color=”custom” text_align=”center”][vc_column width=”1/1″][minti_image img=”17967″][minti_headline size=”fontsize-xxxl” weight=”fontweight-700″ align=”align-left”]What you need to know as a business?
How can your business benefit?

[/minti_headline][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][minti_headline type=”h3″ size=”fontsize-m” weight=”fontweight-600″ align=”align-left”]MANPOWER BOOST[/minti_headline][vc_column_text]

1. Jobs Support Scheme
   • Extended 6 months for Aviation, Aerospace and Tourism sectors
     – 30% support will be given for wages paid from April to June 2021
     – 10% support for wages paid from July to Sept 2021
   • Extended 3 months for Retail, Food Services, Arts & Culture and Built Environment sectors
     – 10% support will be given for wages paid from April to June 2021

2. Jobs Growth Incentive
   • Extend hiring window of locals by 7 months to end Sept 2021
   • 25% of wage support for up to 12 months will be provided for non-mature local hires
   • 50% of wage support for up to 18 months will be provided for mature local hires, persons with disabilities and ex-offenders
   • Supportable monthly wage cap will be increased from $5,000 to $6,000

3. Senior Worker Early Adopter Grant & Part-Time Re-Employment Grant
   • Additional $200 million provided under the grant
   • Companies can get up to $7,500 for each senior worker aged 60 & above

4. Wage Credit Scheme
   • Extended for another year to support wage increments for local workers
   • 15% co-funding for wage increments in 2021

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][minti_headline type=”h3″ size=”fontsize-m” weight=”fontweight-600″ align=”align-left”]GROWTH & TRANSFORMATION[/minti_headline][vc_column_text]

5. Extend Support for Existing Schemes
   • 80% Support for existing grants to end March 2022
     – Productivity Solutions Grant
     – Enterprise Development Grant
     – Market Readiness Assistance
     – Job Redesign
     – Scale-up SG Programme

6. Emerging Technology Programme
   • Co-funds the cost of trials and adoption of frontier technologies such as 5G, artificial intelligence and trust technologies

7. CTO-as-a-Service Initiative
   • Provides access to professional IT consultancies

8. Digital Leaders Programme
   • Hiring core digital team to develop digital transformation roadmaps

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][minti_headline type=”h3″ size=”fontsize-m” weight=”fontweight-600″ align=”align-left”]NURTURING CREATIVITY[/minti_headline][vc_column_text]

9. Corporate Venture Launchpad
   • Provide co-funding for companies to build new venture through pre-qualified venture studios

10. Open Innovation Platform
    • Facilitates matching of problems faced by companies and public agencies with solution providers
    • Co-funds prototyping and deployment

11. Global Innovation Alliance
    • Catalyse cross-border collaboration between Singapore and major global innovation hubs
    • Co-funds innovation and partnership projects

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][minti_headline type=”h3″ size=”fontsize-m” weight=”fontweight-600″ align=”align-left”]CAPITAL FINANCING[/minti_headline][vc_column_text]

12. Enterprise Financing Scheme – Venture Debt Programme
    • Up to 70% risk-sharing on eligible loans
    • Cap on loan quantum increased from $5 million to $8 million

13. Local Enterprise Funding Platform
    • $1 billion growth capital to support Large Local Enterprises (LLEs) to transform or expand overseas

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_column_text]More details on the grant and subsidies will be announced at a later date by different ministries. [/vc_column_text][/vc_column][/vc_row]