Under the Enhanced Funding Support and Productivity Innovation Credit, your staff will acquire new skills through training, while your company will get to receive additional financial support.
As an SME, you will receive:-
- HIGHER COURSE FEES FUNDING
SMEs will enjoy subsidies of 90% of the course fees when they sponsor their employees for WSQ courses at CET centres.
- ABSENTEE PAYROLL
SMEs can also claim absentee payroll funding of 80% of basic hourly salary at a cap of $7.50 per hour.
HOW TO BE ELIGIBLE AS AN SME?
Company’s annual sales turnover of not more than S$100 million OR employment size not more than 200 workers.
How does it work?
If you send your employee for the course "Introduction to Textiles" (WSQ Identify and Analyse Textiles and Processes) which is a 34-hours course, you will receive S$89.23 after additional funding support. An example of the breakdown is shown as follows:
|Gross Fee of WSQ Identify and Analyse Textiles and Processes||S$1,370.00|
|(Less) SkillsFuture Singapore Funding of 70% of Gross Fee||- S$959|
|Nett Course Fee||S$411.00|
|(Add) 7% GST on Nett Course Fee||+ S$28.77|
|(Add) Application Fee for Singaporeans/PRs||+ S$12.85|
|Total Payable Fee by Company||S$452.62|
|Upon completion of the course, the company can log on to SkillsConnect to claim an additional 20% on the gross course fee of S$1,370, and claim absentee payroll:|
|*SSG Enhanced Funding for SME - Additional 20% of the Gross Course Fee||+ S$274.00|
|*Absentee Payroll - 80% of employee's hourly salary, capped at $7.50/hr, and then multiplied by the number of the course's duration hours (e.g. 34 hours)||+ S$255.00|
|NET GAIN BY COMPANY PER EMPLOYEE||S$89.23|
Contact us at email@example.com for more information!