What Is SkillsFuture Enterprise Credit (SFEC)?
The SkillsFuture Enterprise Credit (SFEC) is available from 1st April 2020 to encourage employers to train and up-skill their workers. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives as below:
Enterprise Transformation Programmes (Support up to $7,000 only):
-
Productivity Solutions Grant (PSG)
-
Enterprise Development Grant (EDG)
-
Market Readiness Assistance Grant (MRA)
Workforce Transformation Programmes (Support up to $10,000)
Are You Eligible for SFEC?
1a. Employers that are qualified previously in Budget 2020 over any of the qualifying periods must meet below conditions:
- Have contributed at least S$750 Skills Development Levy (SDL) over a qualifying period
- Have employed at least 3 Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same period
- Have not been qualified at any of the earlier period as below
1b. New employers that are qualified in Budget 2022 over any of the qualifying periods must meet below conditions:
- Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the qualifying period; and
- Have not been previously qualified for SFEC; and
- Are not in default of their SDL contributions during the qualifying period and do not have an inactive ACRA status during qualification.
2. There will be 5 qualifying periods:
SFEC (Budget 2020)
- 1st April 2019 - 31st March 2020
- 1st July 2019 - 30th June 2020
- 1st October 2019 - 30th September 2020
- 1st January 2020 - 31st December 2020
SFEC Expansion (Budget 2022)
- 1st January 2021 - 31st December 2021
How To Check If You Are Eligible for SFEC?
I'm sure some of you may get confuse after going through the above eligibility. No worries! A quick way to check this is by login to Business Grant Portal with your Singpass.
Once login, lookout for the blue banner as below snapshot. If you do not see this blue banner, that means your company is not eligible for SFEC.
How Do Businesses Apply For SkillsFuture Enterprise Credit?
There is no need for you to apply for the credit. Employers that fulfil the eligibility criteria receive credit disbursement after they have submitted claim for the supportable programmes such as PSG by 30th June 2023.
How SFEC Benefit My Company?
* If Company Meets SFEC Eligibility
Examples:
Company decided to adopt Accounting Solution to improve productivity and efficient of the team and applies for Productivity Solution Grant (PSG).
1.
Purchase Accounting Solutions under PSG
Less) Claim 50% from PSG
Out-of-Pocket Expenses (20%)
Less) Claim 90% from SFEC
Nett Cost to Company
S$7,500
(S$3,750)
S$3,750
(S$3,375)
$375
You may refer this link to find out more on SQL Account Pre-approved Accounting Solution
Check if you're eligible for up to 50% subsidy under PSG Grant
Or Call / WhatsApp Us to Find Out More on SFEC or PSG Grant
+65 9720 6813 (Sook Ying)
+65 6513 0695 (Agnes)