What is Productivity Solutions Grant – Job Redesign (PSG-JR)

Without a doubt, the Productivity Solutions Grant is one of the most often discussed incentives available in Singapore for SMEs. The Productivity Solutions Grant has piqued the interest of many firms, and numerous Xero accounting system PSG claims have been filed during the 2020 pandemic. The Xero accounting system PSG laptop claim was the most prevalent, and it expired in December 2020.

The Xero accounting system PSG grant accounting process, which covers up to 80% of the qualifying amount, is familiar to most SMEs or firms in Singapore wishing to buy a laptop or develop an eCommerce website. With up to 80% financing support, the Xero accounting system PSG grant includes a wealth of different alternatives that SMEs or enterprises in Singapore might possibly apply for.

Job redesign, on the other hand, is an essential component of corporate change. With an aging workforce and a quickly expanding digital environment, Singapore firms may make use of new technologies as well as government initiatives to create a future-ready workplace.

During the Budget 2021 release, the Productivity Solutions Grant – Job Redesign was expanded, with funding levels of up to 80% extended until March 31, 2022. Following that, the funding level will be reduced to 70%.

The two funding plans have different top priorities. The PSG-JR will have a greater focus on Job Redesign projects. The Enterprise Development Grant (EDG) will have a greater focus on Process Redesign projects.

Some Examples of Job Redesign Projects Include:

  • Redesign of work processes/workplace environment/HR systems to improve employee productivity and attractiveness of employment.
  • Redesign of work processes/workplace environment/HR systems to make employees more productive and appealing to employees.
  • Consultant services to build a future-ready workplace.
  • Redesign of work processes/workplace environment/HR systems to improve employee productivity and attractiveness of employment.

Some Examples of Process Redesign Projects Include:

  • Redesign of business operations.
  • Redesign of business processes.
  • Expansion/internationalization of business.
  • Technology upgrade.

What is a Productivity Solutions Grant (PSG) and How Does it Work?

The Productivity Solutions Grant aims to promote the use of internet-based technology in a number of businesses. Among them include retail, finance, logistics, engineering, food, and landscaping. The Productivity Solutions Award (PSG) combines three existing grants: the landscape grant from the National Parks Board, the Spring Singapore Innovation Voucher, and the SMEs Digital initiative from the Media Development Authority.

In a nutshell, you can request up to 80% of the eligible sum of government money for digital solutions for your new company set up or sector.

Why isn’t the Final Claim at Least 80% of the Original Claim?

The bulk of government handouts use the phrase “up to.” Most grants are conditional on approval, and you must submit an application through the Business Award Portal for approval before proceeding with grant claims. The firm may be disqualified for the award in some situations, so we recommend SMEs apply first before proceeding with the project.

Another thing to bear in mind is that the gap between the true price you pay and the amount claimed may not be 80 percent because the claims do not include fees like GST.

What Kind of People Should Apply for PSG Grants?

The great majority of Singapore’s SMEs are eligible for this subsidy.
According to the Enterprise Singapore website, the following are the declared criteria:

  • The firm is registered and operates in Singapore.
  • In Singapore, IT solutions or equipment must be purchased, leased, or subscribed to.
  • Have a local shareholding of at least 30%, as well as a Group annual revenue turnover of less than S$100 million and less than 200 workers (for selected solutions only)

Is your business going to be eligible? You can apply for a Business Grant through the website, and the assessing officer will determine whether or not to approve your application.

Is There a Limit On How Many Applications May Be Accepted?

There is no restriction on the number of applications received per year, unlike the business preparedness grant. You can apply for many solutions through the Xero accounting system PSG, but you can only apply for one at a time. As a result, SMEs should understand how the Xero accounting system PSG grant accounting process works before submitting an application for approval, as well as which Xero accounting system PSG-approved vendor they intend to collaborate with.

For proposals sponsored by Enterprise Singapore (ESG) between 1 April and 31 March each year, there is also a grant cap of $30,000 for each corporate organization. As stated in Budget 2021, the Xero accounting system PSG grant would fund up to 80% of qualifying expenses through March 31, 2022.

What Is the Productivity Solutions Grant – Job Redesign All About?

The Productivity Solutions Grant – Job Redesign (PSG-JR) is intended to encourage businesses to undertake Job Redesign (JR) projects in their workplace. Companies will have a greater chance of acquiring and maintaining great workers if they make employees more productive and appealing to employees.

Businesses will get up to 80% financing support for consultant fees, with a ceiling of $30,000, until March 31, 2022. This returns to the previous 70% financing, which is limited at $30,000 after that. For the remaining funds, firms can use the $10,000 SkillsFuture Enterprise Credit (SFEC) to pay up to 90% of their out-of-pocket expenditures.

Businesses will have access to a pool of JR consultant support under the PSG-JR, which will complement and promote business and workforce change. For your convenience, below is a list of pre-approved JR consultants from the Business Grants Portal:

  • CET Global Pte Ltd.
  • EON Consulting & Training Pte Ltd.
  • Mercer (Singapore) Pte Ltd.
  • Deloitte Consulting Pte Ltd.
  • Aon Singapore Pte Ltd.
  • Ernst & Young Advisory Pte Ltd.

Businesses should be aware that financing will only be available for consulting services done by pre-approved JR consultants.

Who Is Eligible for a Productivity Solutions Grant – Job Redesign?

All corporations, NGOs, and non-profit organizations, including charities and IPCs, are eligible for the PSG-JR if they fulfill the following criteria:

  • The Singapore-based new company set up that is registered/incorporated and operates in Singapore; and
  • Have at least three local staff on hand at the time of application.
  • In addition to the foregoing requirements, applicants must not have signed any contract or paid any money to a pre-approved JR consultant or third party in respect to the engagement of JR-related consultation services at the time of application.

Tim Ho Wan, a dim sum restaurant chain, is an example of a firm that benefited from the PSG-JR. The organization, in collaboration with NTUC’s e2i, redesigned many manual job processes to make their work easier and wiser for senior employees. These enhancements include ordering, menu management, tabulation, and reporting systems, which saved the organization 20-30% in man-hours. They were able to enhance the wage of older employees under the program because of these savings.

How Do Companies Apply For The Productivity Solutions Grant – Job Redesign?

Businesses can apply for the PSG-JR by submitting an application through the Business Grants Portal (BGP) with the appropriate documentation – a consultancy proposal, consultant’s quotation, and their most recent CPF form 90 for the previous three months. Please keep in mind that each organization (as defined by its Unique Entity Number) can only have one approved PSG-JR application.

Businesses can apply for numerous JR projects in one application to maximize their funding limits. Businesses that participate will have up to a year to finish their employment redesign initiative. If your new company set up needs a longer time to finish a project, a formal request with good arguments should be made to the Singapore National Employers Federation (SNEF), which would be allowed on a case-by-case basis. Businesses can use additional PSG initiatives in addition to obtaining funding for consultant services to offset the expenses of equipment or IT systems.

For firms interested in applying for the Productivity Solutions Grant – Job Redesign, Workforce Singapore has provided step-by-step guidance on how to submit your application.

What’s the distinction between PSG-Job Redesign and EDG-Process Redesign?

Another similar-sounding strategy is available through the Enterprise Development Grant (EDG). The goal of the PSG-JR is to make employees more productive and appealing to employees. The EDG – Process Redesign plan is a tool to assist firms to expand and improve their business by co-funding initiatives that enable enterprises to update their new company set up, innovate, and move internationally.

Apply for a PSG Grant Today

WLP Group offers Xero PSG grant fundings in addition to a new company set up incorporation in Singapore. We urge that you get in touch with us to learn more about the PSG grant options that could be beneficial to your business. The Xero PSG grant accounting software will assist your company. Please contact us straight away for additional information.

Submit blogs, Articles, news to All-ezinearticles.com website

Leave a Reply

Your email address will not be published. Required fields are marked *

Step by step instructions to change character in GTA 5…
Cresta Posts Box by CP