If you are a business owner in Singapore, you may be wondering if you are eligible for the SkillsFuture Enterprise Credit (SFEC). This guide will provide an overview of the SFEC scheme, including eligibility requirements, what are the programmes supported by SFEC, and how to apply. Let’s get started!
What is the SkillsFuture Enterprise Credit (SFEC)?
The SFEC is a scheme that was initially launched in Budget 2020 to encourage employers to engage in company transformation and personnel capacities.
In the recent Budget 2022, it was announced that the coverage of SFEC is further expanded and eligible employers will get a one-time S$10,000 credit to cover up to 90% of out-of-pocket spending on qualifying costs for supportable programmes, and it is over and above the support levels of the existing programmes.
Who is eligible for the SFEC expansion?
Employers are eligible for the SFEC expansion if they fulfill the following conditions during the qualifying period of 1 January 2021 - 31 December 2021:
- Have at least 3 employees who are either Singapore Citizens or Permanent Residents every month
- Have not previously qualified for SFEC
- Have not defaulted on any SDL payments
- Have an active ACRA status
Do note that there will be no top up for employers who have previously qualified for SFEC.
How do I know if my company is eligible for the SFEC Expansion?
All newly eligible employees for SFEC would have been notified by email in April 2022. They will also be able to see the $10,000 credit when they log in to the Business Grants Portal (BGP) and SkillsFuture Singapore’s SFEC microsite.
What are the programmes that are supported by SFEC?
The SFEC supports 2 broad types of programmes:
- Enterprise Transformation
These are schemes by various agencies hosted on the Business Grant Portal (BGP)
- Workforce Transformation
These are training courses aligned to the various Industry Skills Frameworks by SkillsFuture Singapore (SSG), Job redesign initiatives, Career Conversion Programmes, etc by Workforce Singapore (WSG)
How to apply for SFEC?
There is no need to apply for SFEC as credits will be automatically used on the above programmes which you have applied for.
When can I start using the SFEC if I’m an eligible employer?
Newly qualified employers may use their SFEC on supportable schemes applied from 1 April 2022 or training courses that commences from 1 April 2022.
Why is there a cap of up to $7k for enterprise transformation programmes?
This is to encourage employers to implement both enterprise and workforce transformation programmes. Employers have to utilise the remaining $3k on workforce transformation if the company would like to receive the full credit of $10,000.
Claim up to 70% with PSG and up to $7k with SFEC expansion for Payboy HR software!
If you have been looking for a HR software, Payboy is a PSG-approved cloud-based human resource management system that offers one-stop solution to SME’s HR needs such as:
- Payroll processing
- Leave management
- Claims management
- Applicant tracking
- Attendance tracking
- Shift scheduling
- Appraisal system
- Inventory management
- Project costing
- Training Management
- PayBeyond, powered by Rapyd (to make local and global payments)
Find out more about our Payboy’s PSG Package and how to apply for the PSG Grant on our Support Centre!
We hope that this SFEC guide has been helpful for you. If you have any questions or would like more information, please don't hesitate to sign up for a demo below and we'll be happy to help!
