Jobs Support Scheme (JSS)
Launched in February to help businesses retain local employees, the JSS will be extended by up to seven months until March 2021. Payouts will be distributed in March and June 2021.
Jobs Growth Incentive
Through the new $1 billion Jobs Growth Incentive, wage support (between 25% and 50%) will be provided for new local hires in firms which increase their total local headcount. Support will be for the first $5,000 of gross monthly wages for up to 12 months.
SGUnited Jobs and Skills Package
Launched in May, the package is projected to create close to 100,000 opportunities in three areas – 40,000 jobs, 25,000 traineeships and 30,000 skills training. This will support the immediate needs of workers and help them acquire new job-related skills and capabilities.
Deferment of the increase in CPF contribution rates for senior workers
To help businesses manage their costs, the planned increase in CPF contribution rates for senior workers will be deferred by a year, from 1 January 2021 to 1 January 2022.
Startup SG Founder programme
As part of the Unity Budget, $8.3 billion over three years was allocated to support Transformation and Growth strategies.
To further promote innovation and entrepreneurship, up to $150 million will be set aside to enhance the Startup SG Founder programme in phases. This includes raising the startup capital grant and providing continued mentorship support.
More support for large anchor enterprises
As anchor enterprises are supported by many SMBs, more training will be provided for their sectors and value chain partners. The aim is to partner up to 40 such anchor enterprises, benefitting 4,000 SMBs over the next five years.
Enhanced Training Support Package (ESTP)
Part of the earlier Stabilisation and Support Package and Resilience Budget, the ESTP will be extended until 30 June 2021. The package provides enhanced course fee subsidies at up to 90% for hard-hit firms.
Enhanced Enterprise Development Grant and Productivity Solutions Grant
Enterprise Singapore will be extending both grants, designed to help companies transform and adopt IT solutions for the enhancement of business processes. SMBs who tap on the grants will receive the enhanced funding support level of up to 70 per cent.
Market Readiness Assistance Grant
Supporting local enterprises in their overseas expansion, the grant will be expanded from November 1 to include support for participation in virtual trade fairs. The funding support level will also increase to 80 per cent between 1 November this year and 30 September 2021.
Temporary Bridging Loan Programme
The programme offers working capital to local enterprises, and will be extended for six months until 30 September 2021.
Enterprise Singapore Loans
MAS will extend the MAS Singapore Dollar Facility for Enterprise Singapore Loans until September 2021. With the extension, the government will lower its loan risk-share from 90% to 70%. The maximum loan quantum will be lowered from S$5 million to S$3 million.
Additionally, the Enterprise Financing Scheme - Project Loans will be extended to construction companies financing secured domestic projects (in addition to overseas projects). The extension will run from 1 January 2021 to 31 March 2022.
Enhanced Aviation Support Package
The Enhanced Aviation Support Package will continue to support the aviation sector. A total of $187 million will be allocated to extend support from November 2020 to March 2021.
This extension provides continued cost relief through landing and parking rebates, and rent relief for airlines, ground handlers, cargo agents and other airport partners at Changi Airport and Seletar Airport.
SingapoRediscovers Vouchers
Amounting to $320 million, the SingapoRediscover Vouchers will encourage Singaporeans to support tourism businesses like licensed hotels, tourist attractions and tours. The scheme will last for seven months, from December 2020 to end-June 2021.
For more information visit the Singapore Budget website.
