{"id":6318,"date":"2021-02-28T09:00:22","date_gmt":"2021-02-28T01:00:22","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=6318"},"modified":"2021-02-27T16:20:46","modified_gmt":"2021-02-27T08:20:46","slug":"how-businesses-can-play-their-part-as-singapores-economy-aims-to-emerge-strong-together-in-2021","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/how-businesses-can-play-their-part-as-singapores-economy-aims-to-emerge-strong-together-in-2021\/","title":{"rendered":"How Businesses Can Play Their Part As Singapore\u2019s Economy Aims To Emerge Strong Together In 2021"},"content":{"rendered":"\n

According to the Department of Statistics, SMEs account for the employment of about 72% of workers in Singapore. This makes them a vital part of our economy as these SMEs’ performance and decisions can have a major impact across the country.<\/p>\n\n\n\n

As such, it came as no surprise that a large focus for\nthe Singapore Budget 2021 centered around how the government will continue to\nsupport SMEs in Singapore in 2021 as our country prepares to emerge stronger in\na post-COVID-19 world.<\/p>\n\n\n\n

Government Schemes Like The Job Growth Incentives & The SGUnited Jobs And Skills Package Will Continue<\/h3>\n\n\n\n

To encourage Singapore companies to retain and accelerate the hiring of\nlocal employees, the Singapore government introduced multiple job schemes in\n2020. This includes the SGUnited\nTraineeships Programme and\nthe SGUnited\nMid-Career Pathways Programme.<\/p>\n\n\n\n

As announced in Budget 2021, the SGUnited\nJobs and Skills Package<\/a>, which includes the SGUnited Traineeship Programme,\nwill be extended\nfor another year until 31 March 2022<\/strong>, with the aim of providing\nup to 35,000 traineeship, attachments and training opportunities.<\/p>\n\n\n\n

Additionally, for traineeships commencing on 1 April 2021\nonwards, the stipend for ITE and diploma trainees will be increased<\/strong> and\nthe duration for traineeship will also be shortened from 9 months to 6 months for\ntraineeships<\/strong> commencing from 1 April 2021.<\/p>\n\n\n\n

This is good news for both SMEs and fresh graduates. SMEs\ncan continue to provide traineeship opportunities at their company at a subsidised\ncost while fresh graduates who cannot land full-time jobs can choose to take up\na traineeship position first. This allows them to gain relevant experience in\nthe right industry, which can hopefully help them land a full-time role in the\ncompany and industry they wish to join in the future.<\/p>\n\n\n\n

For companies looking to expand their full-time headcount,\nthey will be glad to know that the Job\nGrowth Incentive (JGI)<\/a> will be extended till end-September 2021. The Jobs Growth Incentive (JGI) is a salary\nsupport scheme that provides employers with 25% or 50% salary support,\ndepending on the age. This salary support for the new local hires will last up\nto 12 months for workers below 40 and up to 18 months for workers over 40,\npersons with disabilities and ex-offenders.<\/p>\n\n\n\n

Leveraging On The Pandemic To Capitalise On Growth<\/h3>\n\n\n\n

One interesting observation during the\nSingapore Budget 2021 speech is how often Deputy Prime Minister Heng Swee Keat cited\nbusinesses in his speech. These companies include Tim Ho Wan, a company that\nworked with e2i to modernise what was previously tedious manual ordering and\ntabulation reporting. Another company was SGInnovate, which recently launched\nPowerX Robotics to develop local talent for the fast-growing robotics and\nautomation sector. In total, about 11\ncompanies were mentioned by the DPM during his speech<\/a>. <\/p>\n\n\n\n

If you didn\u2019t manage to catch the budget, you can also read our recap of the 10 things business owners need to know about the Singapore Budget 2021<\/a><\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"SMEs in Singapore have a huge part to play as Singapore aims to emerge stronger together in the post-COVID-19 world\n","protected":false},"author":4,"featured_media":6320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[364],"tags":[136,210,791,496],"yoast_head":"\nHow Businesses Can Play Their Part As Singapore\u2019s Economy Aims To Emerge Strong Together In 2021 | DollarsAndSense Business<\/title>\n<meta name=\"description\" content=\"Multiple schemes were extended during the Singapore Budget 2021 for businesses to encourage SMEs to continue to retain, train and employ more Singaporeans.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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