It was very recently announced by Deputy Prime Minister Heng Swee Keat that the Singapore Government would be releasing a S$1.9 billion stimulus package to aid Singaporeans and business through 2020. With COVID-19 largely affecting a lot of different business sectors, this stimulus package is targeted towards helping business pull through the predicted recession of 2020 and gear up to catch up in 2021.
One of the points mentioned by Mr Heng highlighted the need for business to take this period of slowed economy to re-invent themselves to be better using government schemes.
“Firms, too, have a part to play. Businesses should use this downtime to restructure, digitalise and transform by tapping government grants and schemes.
The Government will enhance the SMEs Go Digital Programme, which helps small- and medium-sized enterprises use digital technologies and build stronger digital capabilities.
It will provide support for more digital solutions, including basic remote working tools and more advanced systems.”
“The authorities will also raise support for the Enterprise Development Grant, which helps Singapore companies grow and transform.
From April to December, government support will go up from 70 to 80 per cent. For enterprises hardest hit by Covid-19, it could rise to 90 per cent and this will be assessed on a case-by-case basis.*
*This grant is also larger organizations and enterprises. As a Singaporean business, we understand the possible budgetary constraints of investing in a system that can vastly improve your HR processes at this time. To further aid our local businesses, IQ Dynamics will be offering a limited time offer parallel to the Resilience Grant for business interested in exploring our HRiQ HRMS.
Interested to understand more? Contact us here.
Government support under the Productivity Solutions Grant, which funds the use of off-the-shelf productivity solutions and equipment approved by the Government, will also go up from 70 to 80 per cent from April to December.
The Government will also support workers in efforts to upgrade their skills.”
Mr Heng further continued mentioned that ,”From May, the absentee payroll grant will be extended to all employers. This will provide firms with “additional cash flow relief” when their workers go for training. These changes will cover eligible courses that start before Jan 1 next year. ”
It is great that the government is taking this time to encourage businesses to engage their employees to cover skill gaps and take this downtime to encourage transformation. If you are keen to see how our HRMS can help you transform your employees to be ever ready by 2021, contact us here today!