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 programmes 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?
1. Employers which meet below conditions will qualify for SFEC:
- 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
2. There will be 4 qualifying periods:
- 1st April 2019 - 31st March 2020
- 1st July 2019 - 30th June 2020
- 1st October 2019 - 30th September 2020
- 1st January 2020 - 31st December 2020
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
Company decided to adopt Accounting Solution to improve productivity and efficient of the team and applies for Productivity Solution Grant (PSG).
Purchase Accounting Solutions under PSG
Less) Claim 80% from PSG
Out-of-Pocket Expenses (20%)
Less) Claim 90% from SFEC
Nett Cost to Company
You may refer this link to find out more on MYOB / ABSS Pre-approved Accounting Solution
Check if you're eligible for up to 80% 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)