Posted on 27/03/2020 by PrimeHR

“Today, I will introduce measures worth over $48 billion in this Resilience Budget, to deal decisively with the situation at hand. This is over seven times of the first tranche” announced Mr Heng Swee Keat

The Government have warned that the COVID-19 pandemic is likely to take at least a year to be resolved, and the economic repercussions could be longer.

Public health measures have caused severe economic disruptions and uncertainties and as more countries implement their measures, the economic disruptions will be wider, deeper, and more prolonged.

Known as Singapore's Resilience Budget, the Supplementary Budget 2020 includes revised Government revenue and expenditure plans for the current financial year. It complements the Unity Budget presented on 18 February, and addresses the rapidly evolving COVID-19 situation and the impact on Singapore's economy and society.

The Minister urged businesses to continue to make use of this downtime to digitalize, restructure, and transform.

He suggested that they leverage the government initiatives – SMEs Go Digital Programme, the Productivity Solutions Grant (PSG) and the Enterprise Development Grant (EDG) to do so. These are part of the Resilience Budget to support businesses.

Enterprise Development Grant (EDG) - Up to 90% support

Enterprise Development Grant (EDG) supports projects that help you upgrade your business, innovate or venture overseas, under three pillars help Singapore companies grow and transform.

Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting. Prime HR is able to assist with these 3 aspects of Core Capabilities below.

Human Capital Development

Using the human-centric to strengthen your company's Human Resource (HR) capabilities

Business Strategy Development

To spur the growth of your company through interventions in business strategies

Service Excellence

To improve your company's service delivery by gaining a deeper understanding of customers' needs and decision-making processes.

Productivity Solutions Grant (PSG) - Up to 80% support

Productivity Solutions Grant (PSG) supports companies that are keen on adopting IT solutions and equipment to enhance business processes.

This grant covers sector-specific solutions including the retail, food, logistics, precision engineering, construction and landscaping industries. Other than sector-specific solutions, Productivity Solutions Grant (PSG) also supports adoption of solutions that cut across industries, such as in areas of customer management, data analytics, financial management and inventory tracking.

The increment of support for Enterprise Development Grant (EDG) & Productivity Solutions Grant (PSG) will be valid for a limited time only.

To find out more call us at 9616 7618 or email to business@primehr.com.sg

Source: http://www.singaporebudget.gov.sg/budget_2020/resilience-budget