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.
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)
- Go to the Business Grants Portal (BGP) website at https://www.businessgrants.gov.sg.
- Click on the “Login” button at the top right corner of the page.
- 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.
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
Who is eligible for SFEC?
To be eligible for SFEC, you must be a registered business in Singapore and meet the following criteria:
- Have contributed at least S$750 Skills Development Levy (SDL) over a qualifying period
- Have employed at least three Singapore Citizens or Permanent Residents every month over a qualifying period
- Have not already received SFEC
How can I check my SFEC eligibility?
You can check your SFEC eligibility by logging in to the Business Grants Portal (BGP) at https://www.businessgrants.gov.sg. If you are 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)”.
What if I am not eligible for SFEC?
If you are not eligible for SFEC, you can still apply for other government grants and subsidies to support your enterprise and workforce transformation initiatives. You can find a list of available grants and subsidies on the Enterprise Singapore website.
How can I apply for SFEC?
There is no need to apply for SFEC separately. If you are eligible for SFEC, your credit will be automatically applied to supportable programmes that you have applied for. Employers have to meet the eligibility criteria of the individual SFEC-supportable programmes before they can draw down the credit.
To apply for an SFEC-supportable programme, you will need to submit an application to the relevant agency. You can find a list of SFEC-supportable programmes and the relevant agencies on the SkillsFuture Singapore website.
Where can I get more information about SFEC?
You can find more information about SFEC on the SkillsFuture Singapore website at https://www.skillsfuture.gov.sg/sfec. You can also contact the SkillsFuture Singapore hotline at 6226 6266 for assistance.