Enhanced Training Suport Package (ETSP)
The government will extend the Enhanced Training Support Package (ETSP) which was enhanced in the Resilience Budget, for another six months, until 30 June 2021 to provide enhanced course fee subsidies for firms in our hardest-hit sectors. DPM Heng also said that he will extend the ETSP to the Marine and Offshore sector from 5 Oct 2020, on top of the existing sectors such as Air Transport, Retail, and Tourism. In recognition of the gradually recovering economic situation, we will also be lowering the absentee payroll rates to 80% from January 2021, capped at $7.50 per hour.
Providing Strong Support for Firms
In tandem, the government will continue to provide strong support to firms that are growing by:
- Enhanced support for startups, via the Startup SG Founder programme. Since the announcement of the enhancements in August, more than 500 aspiring entrepreneurs have signed up for the 3-month Venture Building programmes.
- Provide wage support of between 25% and 50% for each new local hire in firms which increase their total local headcount, through the Jobs Growth Incentive (JGI). The support will be for the first $5,000 of gross monthly wages for up to 12 months.
Jobs Growth Incentive
As persons with disabilities may face greater challenges in finding jobs, the government will provide the higher tier of wage support of 50% under the JGI to all Persons with Disabilities.
This will apply to new hires of Persons with Disabilities from September 2020 to February 2021.
To give a boost to businesses seeking to internationalise, transform and digitalise, there will be an extension or enhancement to the capability-building grants:
- Market Readiness Assistance Grant,
- Productivity Solutions Grant,
- Enterprise Development Grant, and
- PACT programme.
These will enable firms to tap on new sources of growth. MTI will announce details in the coming weeks.
Enhanced Support Through Loan Schemes
- To provide working capital to support viable businesses, the Temporary Bridging Loan Programme will be extended for another six months, until September 2021, at reduced levels.
- MAS will also extend the MAS Singapore Dollar Facility for Enterprise Singapore Loan, until September 2021.