At this point, you probably already understand what goes into incorporating your company in Singapore and everything else in between. The next step is find out more about the financial schemes available to receive additional funds that can help expand and grow your business.
One of the avenues wherein Singapore-registered businesses can tap into are grants offered by Workforce Singapore.
What is Workforce Singapore?
Workforce Singapore, better known as WSG, is a statutory board under the Ministry of Manpower (MOM), which aims to transform the local workforce through jobs and enterprises to meet ongoing global economic challenges.
Through various programmes and policies, WSG is committed to ensuring that all sectors in the economy are supported by promoting inclusivity, competitiveness, and employability in all levels of the workforce. Apart from making sure workers secure quality jobs and meet their career goals, WSG also addresses the needs of entrepreneurs and business owners at any level by providing support through financial grants.
With financial aid from the government, local business owners can grow and develop their company without being hindered by the lack of funds.
Different Types of Grants Available From WSG and How to Apply
These are some of the most common grants and funding assistance schemes available for employers in Singapore.
1. P-Max Grant
The P-Max grant is a place-and-train programme that helps professionals, managers, executives, and technicians (PMETs) look for suitable SME jobs, and also helps SMEs effectively recruit, train, manage, and retain their newly-hired PMETs. This grant is focused solely on job matching and training,
P-Max Grant Eligibility Criteria:
- Companies must be registered or incorporated in Singapore;
- Company’s annual sales turnover (at group level) cannot be more than S$100 million or employment size (at group level) must not exceed 200
- Have at least 30% of local shareholding must be held by Singapore Citizen or Permanent Resident
- Company must have hired a PMET within the last three months prior to enrolment into programme, offering a gross monthly salary of at least $2,500
To apply, click here.
2. Enhanced Training Support for SMEs
Compared to larger companies, SMEs are less likely to send their employees for training or upskill programmes due to the lack of funds. Through the Enhanced Training Support for SMEs (ETSS), companies can now receive additional funding to send their employees for various training programmes.
Enhanced Training Support for SMEs Eligibility Criteria
- SMEs need to be registered or incorporated in Singapore
- Have at least 30% of local shareholding must be held by Singapore Citizen
- Company’s annual sales turnover (at group level) cannot be more than S$100 million or employment size (at group level) must not exceed 200
SMEs can submit their applications directly online SkillsConnect platform.
3. Career Trial
Unlike the P-Max Grant, WSG’s career trial is an on-the-job-training programme, where employers can properly assess jobseekers before offering formal employment. Furthermore, this also gives employers additional revenue and salary support to hire Singapore Citizens as well.
Through this initiative, 30% of the monthly salary for employees will be covered for up to six months, which will be capped at S$5,400 per hire and S$2,700 per hire for part-time jobs.
Career Trial Eligibility Criteria:
- All employers who wish to apply for the Career Trial must be legally registered or incorporated in Singapore, with a registered Unique Entity Number (UEN) with ACRA.
- Employers must be actively hiring for jobs that pay S$1,500 for full-time and S$750 for part-time positions, or more
- Employers must offer employment on contract or on permanent terms that are no less than one year after completion of the Career Trial.
Employers interested in applying for this programme can do so through this link.
Funding is one of the most important aspects when it comes to any business. Through these funding initiatives and programmes, the Singapore government has made it easy for employers to gain access to these funds and it is crucial to take full advantage of the grants you may be eligible for.
To take a look at the full range of grants available, you can visit the SkillsFuture Singapore website.
Frequently Asked Questions
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