Objectives and support coverage Of Skills future Enterprise Credit

Objective of SFEC

The objective of SFEC is to encourage employers in transforming their enterprise and workforce.

Transformation of the enterprise can be in the form of digitalisation of operational processes for example adopting E-invoicing and adopting cloud or remote solutions.

Solutions such as ABSS Accounting software allow businesses to send E-invoices from one party to another so long each party is registered on the PEPPOL network. Transformation of the workforce can be in the form of attending courses and workshops so employees can up skill to remain relevant in relation to the company’s business strategy.

Employers who are eligible for the SFEC and take steps adopt enterprise and workforce transformation will receive additional financial support on top of the financial support levels of existing government schemes such as the Productivity Solutions Grant.

Support Coverage and Criteria for SFEC

The support level is a one off $10,000 credit per company to subsidize up to 90% of out of pocket expenses on qualifying programs and courses as per below.

a. Enterprise Transformation which are schemes managed by various agencies illustrated on the Business grants portal , the coverage is up to $7,000 only.

b. Workforce Transformation which are courses aligned to the frameworks by skills future Singapore, job redesign initiatives etc by workforce Singapore. The coverage is up to the full $10,000.

Employers need to meet the below conditions before being eligible for SFEC

a. A contribution of at least $750 of skill development levy over a qualifying period

b. Employed at least three Singapore citizens or Permanent Residents for every month over the same qualifying period mentioned above

c. Employers had not been qualified at any of the earlier previous periods.

The qualifying periods are as per below mentioned:

a. 1 April 2019 to 31 March 2020

b. 1 July 2019 to 30 June 2020

c. 1 October 2019 to 30 September 2020

d. 1 January 2020 to 31 December 2020

There is no application required on the part of the company for SFEC and employers that meet the eligibility criteria will be informed by Enterprise Singapore formally.