Know About the New Productivity Solutions Grant
Talking at the Budget 2018, the Singapore Government has referenced that a new grant will be taken off to help organizations, especially for technological solutions.
Generally, a productivity solution grant (PSG) provides funds for a business organization to improve business productivity. And new productivity solutions grant aim also to implement solutions to improve business productivity. And PSG has three grants such as
- Spring Singapore’s Innovation and Capability Voucher
- National Parks Board’s Landscape Productivity Grant
- Infocomm and Media Development Authority’s SMEs Go Digital Program
As per the Ministry of Trade and Industry, an underlying S$110 million will be put aside in the following three years to help organizations on chose productivity solutions. And the grant will be applicable for the following business in the food, logistics, wholesale, and landscaping industries. And the grant aims to provide fund solutions for human resource management systems like Gpayroll.
PSG provides 70 percent funding support for Singapore companies. Moreover, caps on the grant have been raised from earlier years and caps are explicit for every industry also.
The separate agency is assigned to select the PSG fund solutions and equipment. That agency should responsible for their industry. For example, a Small and Medium-sized Enterprise (SME) organization executing a payroll management system, that is Gpayroll may get a subsidy that is endorsed by the government.
In the new PSG Grant, previous grants and schemes are consolidated. Those are Capability Development Grant (CDG) and Global Company Partnership (GCP) schemes which are now combined and formed as Enterprise development grants.
Both the combination of these two schemes or individual schemes gives progressively all-encompassing help to organizations that can utilize the same grant to upgrade. Now the local SMEs grants rose from 50 to 70 percent under these two schemes. And this support is extended until the end of the financial year 2019.
Non-SMEs can also able to get a subsidizing of up to 50 percent under the GCP and up to 30 percent under the CDG. Through the Business Grants Portal (BGP), Singapore companies can apply for the new productivity solutions grant.
If you need more information on PSG and Funding Eligibility you can read it from this blog: Productivity Solutions Grant (PSG) Singapore
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