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The recently concluded Budget for 2022 event unveiled the priority programs lined up for funding. These include strengthening the digital capabilities, making innovation pervasive, and continuing to support our local enterprises ecosystem. The Government of Singapore also maintained its unwavering commitment to support talents and workforce, ensuring they are well-equipped and kept abreast with new skill sets needed in the industry.
Singapore will also shell out a whopping $600 million to support small and medium enterprises (SMEs) on their quest for enhanced productivity through digitalization and automation. In essence, the funding will support Productivity Solutions Grants (PSG), thereby, increasing the number of solutions made available to SMEs. It also guarantees support for the R&D initiatives of local SMEs.
Also, an additional $200 million will be allocated to schemes devoted to enhancing digital capabilities. The schemes which will receive additional support include: Advanced Digital Solutions (ADS), Grow Digital, and TechSkills Accelerator. This undertaking is aimed toward restructuring of the economy.
1. PSG will be expanded to include more solutions
Productivity Solutions Grant is a grant supporting eligible businesses to enhance their productivity through automation and upgrading efforts. To qualify for this scheme, businesses must be SMEs, i.e. they must satisfy the following criteria:
This grant currently supports up to 80% of costs incurred by SMEs to upgrade IT technology, equipment and engage consultancy services to improve their productivity. The grant is subject to certain grant quantum cap per year, depending on the type of solution adopted.
A helpful blog about PSG can be found on our website.
2. More support will be given for local SMEs to undertake R&D with local research institutes
Local SMEs will now benefit from a wider range of support to undertake research initiatives with the help of identified research institutes in Singapore. In addition to engaging with research institutes like A*Star, SMEs can seek assistance from nine Centres of Innovations (COIs), ranging from use of laboratory facilities and research scientists to consultancy services. These COIs have partnered with reputable polytechnics and research institutes to assist interested SMEs.
This will strengthen the collaborative effort between the local SMEs and reputable research and innovation centers to pursue projects on agri-tech, construction, food manufacturing, precision engineering, and retail projects.
For more details, visit this website.
3. More funding will be directed towards ADS
Advanced Digital Solutions (ADS) is among the schemes that will receive additional funding and support. The ADS supports SMEs eager to adopt advanced technologies and integrated solutions. Advanced technologies include AI, Robotics, Blockchain and Internet of Things; while integrated solutions include B2B solutions that integrate inventory management, e-invoicing, and e-payments) that address common enterprise-level challenges at scale. Through this scheme, businesses are empowered to augment their digital capabilities, strengthen their business continuity measures, and build longer term resilience, resulting in improved productivity.
Check out this website for more details.
4. More funding towards Grow Digital initiative
If you are an SMEs looking into penetrating overseas markets via digital channels, this is for you. The Grow Digital scheme which will receive additional support from the government in Budget 2022 will help you capture business opportunities outside of Singapore through the use of e-commerce platforms. This eliminates the need for physical presence of the company overseas, allowing efficient and hassle-free Business-to-Business (B2B) and Business-to-Consumer (B2C) transactions.
For further details, visit this website.
5. More funding towards TechSkills Accelerator (TeSA)
The constant acquisition of new skill sets is a must in the age of globalization. To maintain the competence of the digital economy in Singapore, the government has included TechSkills Accelerator among the schemes that will receive funding support. TeSA is tasked at developing Information and Communication Technology adept workforce and prepare them for employment in Singapore.
TeSA aimed to support businesses cope with manpower needs like hiring new employees and the upskilling of individual and existing employees.
Various programs are lined up for new hires and upskilling of employee such as SkillsFuture Work-Study Programmes (WSP), Tech Immersion and Placement Programme (TIPP), Company-Led Training (CLT), TeSA Mid-Career Advance, Career Conversion Programme (CCP), Critical Infocomm Technology Resource Programme Plus (CITREP+), and Capacity Transfer Programme (CTP).
It is also responsible in developing skills and preparing individuals for the employment in Singapore. Hence, the type of manpower whose salaries may be considered for funding include individuals who are (i) willing to embark on tech-related studies or internships, (i) fresh professionals wishing to upskill, (ii) mid-level tech professional wishing to upskill, and (iv) midlevel professional wishing to reskill to switch to a tech role.
Visit this website to know more.