What is PSG and the enhanced PSG?
Technology is not about fancy and outstanding high-end treatments. You can kick-start your technology trip by putting up with easy steps to automate prevailing methods and enhance productivity. The Productivity Solutions Grant (PSG) benefits firms keen on accepting IT solutions and devices to improve business procedures.
For a beginning, PSG coats sector-specific solutions comprising the retail, logistics, food, precision engineering, building, and landscaping industries. Additional to sector-specific solutions, PSG furthermore benefits the adoption of solutions that cut across enterprises, such as in regions of customer management, data analytics, monetary management, and inventory tracking.
The Productivity Solutions Grant (PSG) was initiated in April 2018 to help businesses in their modification excursion.
PSG benefits from the adoption of pre-scoped IT solutions, devices, and consultancy services that enhance productivity, aligned to the enterprise roadmaps such as the Industry Digital Plans (IDPs) and Industry Transformation Maps (ITMs).
The absolute funding assistance level was put up from 70% to 80% from 1 April 2020 to 31 March 2022 to facilitate enterprises to proceed with their digitalization and productivity-boosting undertakings.
What are the eligibility norms for Productivity Solutions Grant (PSG) applications benefited by Enterprise Singapore (ESG)?
- The business being that is registered/incorporated in Singapore
- At least 30% of the regional shareholding
- Corporation’s Group Annual Sales Turnover of not above than S$100 million, or Company’s Group Employment Size of not further than 200 employees
- Purchase/lease/subscription of the Equipment or IT Solution must be utilized in Singapore
The subsequent beings do not entitle to grant support:-
- Charities, Institutions of Public Characters (IPCs)
- Spiritual Entities
- Voluntary Welfare Organisation (VWO)
- Government agencies and deputies
PSG coats sector-specific treatments encompassing the Retail, logistics, Food, Precision Engineering, Wholesale, Building and Construction, Financial Service, and Landscaping enterprises. PSG also funds industries’ adoption of broad-based outcomes that cut across all businesses, such as Customer Relationship Management and Human Resource Management systems.
Businesses can select from a chart of pre-scoped solutions competent to their areas.
Solutions endorsed under the Productivity Solutions Grant are regularly surveyed. Do take remark of the existing assistance levels and grant caps.
The Enhanced PSG
An authorized statement in Supplementary Budget 2020 initiated several revisions respecting PSG. The commission was strengthened to motivate enterprises to proceed with their digitalization and productivity development actions through strong management and accounting and bookkeeping services.
Well, when it comes to digitalization and productivity enhancement of your business, Timcoleaims the same with its excellent accounting and bookkeeping services for firms in Singapore.
The absolute funding support level has been gained to 80% from 1 April 2020 to 30 September 2021. Due to the pandemic, the spectrum of generic solutions has been improved and of course, these models were established to enable enterprises to withstand the consequences of COVID-19.
These are the tools that have improved the generic solutions:-
- Virtual conference tool to
- Online alliance tools (wrapping remote working solutions)
- Temperature screening tools
- Queue administration systems
- Digital commerce tools (beginning from October 2021)
Keep in mind that the assistance for COVID-19 business continuity measures has ended on 31 December 2020. Thus, all industries that have pertained before the stipulated date got a likelihood to relish the measures package.
Still, there are rumors that the government is scheduling a constructal fresh batch of relief measures since the pandemic is unfortunately not coming to its edge.