In an increasingly volatile business environment, establishing a sustainable workforce is paramount to ensuring business sustainability. Beyond the numbers, sustainable employment also sets the foundation that enables employees, consumers, and by extension, communities to thrive. While many companies are aware of the business care for sustainable employment, some may face challenges due to the upfront cost and investment required.
To encourage businesses to employ sustainable and fair employment practices, the Singapore government has put in place several subsidies and grants to sufficiently support business development. Each subsidy or grant caters to different groups of people to better meet their individual needs. Discover the list of financial grant incentives available that you can tap into.
Mature Employees Support Grants
Despite the steady increase in the employment of mature workers, the older generation continues to be one of the vulnerable groups in the economy, especially when faced with the rapid adoption of digitalisation and technology. This may put mid or late career individuals at a disadvantage when seekinge employment. The following grants serve to support companies in providing older individuals with career opportunities as well as creating a working environment that suits their specific needs.
Jobs Growth Incentive (JGI)
The Jobs Growth Incentive (JGI) is a salary support scheme that offers eligible companies and employees salary support for new employee hires. It covers both young and mature hires – employers will receive wage support of 15% of the first $5,000 for up to six months, up to $4,500 per hire aged below 40. This will increase for mature hires aged 40 and above, persons with disabilities (PWDs) and those with former offences – the wage support will go up to 50% of the first $6,000 for up to 12 months, up to $36,000 per hire.
To aid business recovery and support employers to expand their talent pool, the qualifying window for the third phase of the JGI will stretch from October 2021 to March 2022.
Senior Worker Early Adopter Grant and Part-time Re-Employment Grant
As part of the Senior Worker Support Package introduced in February 2020, the Senior Worker Early Adopter Grant and Part-time Re-Employment Grant focus on changing corporate policies in order to cater to the needs of mature workers, with financial subsidies being awarded to companies to aid their endeavours.
With the minimum Retirement Age (RA) and Re-Employment Age (REA) set to be raised in the near future, the Senior Worker Early Adopter Grant provides employers with up to $125,000, with one of the key requirements being to raise their internal RAs and REAs by at least 3 years more compared to the current measures in place.
Meanwhile, the Part-time Re-Employment Grant also offers grants of up to $125,000 to employers to provide senior workers with more flexible and shorter working hours. This is especially important for mature workers who cannot handle working in high-intensity labour and durations to encourage them to continue being part of the workforce.
PMET Support Grants
Anecdotally, older professionals, managers, executives and technicians (PMETs) face certain barriers in seeking re-employment.The following grants have been put in place to encourage the hiring of PMETs, and enable companies to tap on their industry knowledge and experience.
Career Conversion Programme (CCP)
The Career Conversion Programme focuses on workers within the PMET sector who are looking for a career switch. This grant provides amounts of up to $6,000 per month to eligible companies as salary support, and up to 90% subsidy for course fees. There are three types of CCPs you can leverage:
Place-and-Train (PnT): PMET is hired before undergoing training to take on a new job role
Attach-and-Train (AnT): PMET is provided with training and work attachments prior to job placement
Redeployment/Job Redesign (JR) Reskilling: Targeted at businesses experiencing transformations, in which their existing PMET employees are at risk of redundancy. These PMETs will be provided with reskilling training that will equip them with skills to prepare them for new job roles or redesigned job roles within the same company.
Training Support Grants
Keeping up with the rapid pace of technological advancement is important as technology creates powerful business opportunities. The following grants aim to support companies with upskilling and reskilling initiatives, to ensure their workers are able to meet the digital and technological demands of the industry.
Enhanced Training Support for SMEs (ETSS)
Re-skilling and upskilling are both essential requirements to ensure your employees keep up to date with industry standards. The Enhanced Training Support for SMEs (ETSS) was thus created to help SMEs equip their employees with the necessary retraining and upskilling schemes.
This scheme involves SkillsFuture Funding covering up to 90% of the course fee when you send your employees for a course supported by SkillsFuture Singapore (SSG). Additionally, they also provide Enhanced Absentee Payroll (AP) Funding which covers up to 80% of your employees’ basic hourly salary.
Enhanced Training Support Package (ETSP)
To support both SMEs and non-SMEs amidst the ramifications of COVID-19, the Enhanced Training Support Package (ETSP) was introduced to provide them with financial subsidies, to provide their employees with opportunities to attend industry-relevant SSG-appointed training programmes. Eligible companies will also be able to leverage enhanced Absentee Payroll (AP) funding rate.
However, this package is only available for selected industries, and eligible applicants must apply before 1 January 2022 for their applications to be considered.
Moving Towards a Future of Sustainable Employment
Providing your employees with relevant upgrades is crucial in creating a sustainable workforce. Doing so will diversify your talent pool and allow you to maximise your employees’ potential, effectively increasing the level of efficiency of your company.
The SBF Sustainable Employment (SE) initiative calls on the Singapore business community to take purposeful action to improve their SE practices in anticipation of emergent trends and future developments. The initiative was launched with a report that highlights key recommendations and potential opportunities for businesses to take on, in order to achieve long term business success and foster a vibrant economy and inclusive society.
Make the pledge to join others in this journey.