Feb 16

Singapore Budget 2021 – Emerging Stronger Together (for Businesses)

What you need to know as a business?
How can your business benefit?

MANPOWER BOOST

  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
  1. 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
  1. 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
  1. Wage Credit Scheme
    • Extended for another year to support wage increments for local workers
    • 15% co-funding for wage increments in 2021

GROWTH & TRANSFORMATION

  1. Extend Support for Existing Schemes
  1. Emerging Technology Programme
    • Co-funds the cost of trials and adoption of frontier technologies such as 5G, artificial intelligence and trust technologies
  1. CTO-as-a-Service Initiative
    • Provides access to professional IT consultancies
  1. Digital Leaders Programme
    • Hiring core digital team to develop digital transformation roadmaps

NURTURING CREATIVITY

  1. Corporate Venture Launchpad
    • Provide co-funding for companies to build new venture through pre-qualified venture studios
  1. Open Innovation Platform
    • Facilitates matching of problems faced by companies and public agencies with solution providers
    • Co-funds prototyping and deployment
  1. Global Innovation Alliance
    • Catalyse cross-border collaboration between Singapore and major global innovation hubs
    • Co-funds innovation and partnership projects

CAPITAL FINANCING

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

More details on the grant and subsidies will be announced at a later date by different ministries.

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