• What is SkillsFuture Enterprise Credit (SFEC)?
• Why should employers apply for SFEC?
• How to check your SFEC eligibility in 2 steps
• If you are not eligible for SFEC
• Conclusion
• FAQs

What is SkillsFuture Enterprise Credit (SFEC)?

The SkillsFuture Enterprise Credit (SFEC) is a $10,000 credit that is provided by the Singapore government to encourage employers to invest in enterprise and workforce transformation. Eligible employers can receive the SFEC to cover up to 90% of out-of-pocket expenses on qualifying costs for enterprise transformation programmes and workforce transformation programmes.

Why should employers apply for SFEC?

SFEC offers numerous benefits for employers, including:

1. Workforce Skills Enhancement: SFEC funds skills training for employees, improving workforce capabilities and enhancing company competitiveness.

2. Productivity Boost: Investments in enterprise transformation initiatives can lead to increased productivity and profitability.

3. Staying Ahead of the Curve: Adapting to the ever-changing business landscape is crucial for long-term success. SFEC-supported workforce and enterprise transformation ensure companies remain at the forefront.

Maximizing Savings with SFEC

Eligible companies can further maximize their savings by utilizing SFEC to offset the remaining out-of-pocket expenses after the Productivity Solutions Grant (PSG) has covered 50% of the cost. SFEC can cover up to 90% of the remaining expenses, potentially bringing the net cost to you down to just S$500 for Package E.

Example:

For Package E, after the PSG covers 50% of the cost, the remaining out-of-pocket expense is S$2,500. With SFEC, up to 90% of this remaining cost can be offset, bringing the net cost to you down to just S$500.

How to check your SFEC eligibility in 2 steps

Step 1: Login to the Business Grants Portal (BGP)

1. Go to the Business Grants Portal (BGP) website at https://www.businessgrants.gov.sg.
2. Click on the “Login” button at the top right corner of the page.
3. Enter your Corppass ID and password and click on the “Login” button.

Step 2: Look for the SFEC Banner on BGP

Once you have logged in to the BGP, you will be able to see your dashboard. If your company is eligible for SFEC, you will see a banner at the top of the dashboard that says “You are eligible for the SkillsFuture Enterprise Credit (SFEC)”.

If you are not eligible for SFEC

If you are not eligible for SFEC, you will not see the SFEC banner on your BGP dashboard. This could be because:

• Your company has not contributed at least S$750 Skills Development Levy (SDL) over a qualifying period.
• Your company has not employed at least three Singapore Citizens or Permanent Residents every month over a qualifying period.
• Your company has already received SFEC in the past.

Conclusion

Checking your SFEC eligibility is a simple process that can be done in just two steps. If you are eligible for SFEC, you can use it to fund skills training for your employees. This can help you to improve the skills of your workforce and make your company more competitive.

Frequently Asked Questions