Singapore Budget 2020 : Improve Business Capabilities and Leadership

Table of Contents

Budget 2020 Overview

What does it mean for your business?

As your business deals with new challenges and complexities, how can you stay nimble and embrace transformation to take advantage of emerging growth opportunities?

Budget 2020 introduces new measures and initiatives to help businesses develop new capabilities, deal with short-term challenges and set the stage for long-term growth.

Digital Resilience Bonus

  • Support for businesses to improve competitiveness and productivity through digitalisation, and adapt to safe management practices.
  • As a pilot, the Bonus will target businesses in F&B and Retail that are most affected by safe distancing requirements.
  • Eligible businesses will receive up to S$10,000 if they adopt baseline digital solutions such as PayNow Corporate and e-invoicing, as well as digitalise business processes, create online channels and implement data mining and analytic solutions.

For more information, please contact IMDA at info@imda.gov.sg.

Enterprise Leadership for Transformation (ELT)

  • One-year programme that supports business leaders of promising SMEs to acquire business growth and transformation capabilities through executive training, and to develop and implement a business growth plan.
  • Offers access to an alumni network for peer learning and collaboration.
  • ELT will be delivered by a network of knowledge partners, financial institutions, and experienced industry partners.

SkillsFuture Enterprise Credit

  • A one-off S$10,000 credit will help eligible employers cover up to 90% of out-of-pocket expenses for eligible enterprise or workforce transformation schemes.
  • Employers who have contributed at least S$750 Skills Development Levy (SDL) in total in the preceding 12 months and have at least three Singapore Citizens or Permanent Residents (SC/PR) employed in each of the preceding 12 months will automatically qualify for the credit and be informed.
  • Valid from 1 April 2020 to 30 June 2023.

Productivity Solutions Grant (PSG)

  • Greater support for more sector-specific solutions and a wider range of pre-scoped solutions for businesses beyond IT solutions and equipment.
  • Expanded scope to include job redesign consultancy services.

SUPPLEMENTARY BUDGET

  • Maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
  • Expanded scope of solutions to help enterprises implement COVID-19 business continuity measures:
    • Online collaboration tools
    • Virtual meeting and telephony tools
    • Queue management systems
    • Temperature screening solutions

Enterprise Development Grant (EDG)

SUPPLEMENTARY BUDGET

  • Maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
  • For firms that are most severely impacted by COVID-19, the maximum support level can be further raised to 90% on a case-by-case basis.
  • Unionised enterprises and e2i partners under the Labour Movement are eligible to receive an additional 10% funding support, subject to NTUC e2i’s assessment.

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