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March 2nd Edition: Supporting Measures For SMEs Including Salaries

In this edition, we will be discussing the latest supporting measures introduced by the Singaporean government to aid SMEs, including the allocation of funds to cover salaries.

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Kaung Ye Marn, Chief Editor

Extended grants, career aiding programmes, and more!

Time sure flies when you're busy growing your business!

In this week's edition, we're thrilled to bring you insights and tips on how SMEs can maximise their grant applications and secure financial assistance. We've scoured the latest updates on available grants and support schemes to provide you with a comprehensive analysis of what it all means for your business.

But that's not all - we'll also be exploring the impact of Singapore's Budget 2023 on the economy and markets. With our expert analysis, you'll have the knowledge and tools to stay ahead of the SME industry and achieve financial success.

Important Information You Need To Know:

Do you know from 1 April 2022 to 31 March 2023, the support level for EDG and PSG grant will be reduced to 50% for most industries?

🎯Do you know that by implementing a higher internal retirement age and re-employment age ahead of time, a company can claim up to S$125,000 worth of grants?💯

At the unveiling of the 2023 Action Plan for Successful Aging, the Ministry of Manpower (MOM) recently announced the extension of the Part-Time Re-employment Grant (PTRG) from 2023 to 2025. This point was made clearer at Budget 2023, and additional information will be released as part of MOM's COS 2023.

The New Part-time Re-employment Grant provides support to employers who offer part-time re-employment, flexible work arrangements, and structured career planning to senior workers.

New Update: Senior Worker Support Package 2023: Up to S$125,000 Grants For Companies

FULL READ HERE

How SMEs & Job Seekers Can Benefit From the Career Trial Programme 2023 [Updated]

FULL READ HERE

⭐Are you looking to get the most out of your investments? And with the rise of fintech industry, there's never been a better time to take advantage of the latest career conversion programme into the designated industry.⭐

⭐Weekly Read

Singapore's First Career Conversion Programme For FinTech Talents

FULL READ HERE

Employing Workers with Special Needs in Singapore - What Other Grants Support Is There? [Updated]

FULL READ HERE

⭐Important Date You Need To Know:

From 1 April 2022 to 31 March 2023, the support level will be up to 70%. For eligible pre-scoped solutions under Food Services and Retail sectors, the enhanced support level will be up to 80% from 1 April 2022 to 31 March 2023. From 1 April 2023, SMEs can receive up to 50% support for PSG.

The Productivity Solutions Grant (PSG) is a government grant program in Singapore that aids SMEs in implementing technological solutions to raise productivity and efficiency levels in their operations. Among the many business issues supported by the grant are accounting, inventory management, human resource management, and customer relationship management.

For the Food Services and Retail sectors, the EDG support level will be at up to 80% from 1 April 2022 to 31 March 2023. From 1 April 2023, SMEs can receive up to 50% support for EDG (sustainability-related projects may be supported at up to 70% from 1 April 2023 to 31 March 2026).

Another government grant program in Singapore that gives grant support to SMEs to help them build and expand their enterprises is the Enterprise Development Grant (EDG). The program is meant to help firms in three crucial areas: market access, innovation and productivity, and human capital development.

Many SMEs are unsure of what this implies for their companies as a result of recent changes in government financing rules that have resulted in a decline in grant funding support for these initiatives. The effects of less grant funding support for the PSG and EDG on SMEs in Singapore will be discussed in this blog.

Reduced Grant Funding Support For Productivity Solutions Grant (PSG) and Enterprise Development Grant (EDG), What It Meant For SMEs In Singapore?

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