{"id":4465,"date":"2020-12-09T16:21:39","date_gmt":"2020-12-09T08:21:39","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/?p=4465"},"modified":"2021-02-02T15:19:45","modified_gmt":"2021-02-02T07:19:45","slug":"skills-future-enterprise-credit-sfec","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/skills-future-enterprise-credit-sfec\/","title":{"rendered":"Skills Future Enterprise Credit (SFEC): $10,000 Credit from the Singapore Government (Expired: 31 Dec 2020)"},"content":{"rendered":"

The Skills Future Enterprise Credit<\/a> is a one-time $10,000 credit provided by the Singapore government. Effective from 1 April 2020<\/strong>, the aim for this credit is to encourage companies to improve internal capabilities and enhance employees\u2019 skills sets. The SFEC credit will cover up to 90% of such expenses.<\/p>\n

 <\/p>\n

How to Use the SFEC Credit?<\/h2>\n

Companies can utilise the $10,000 SFEC credit on either enterprise transformation or workforce transformation.<\/p>\n

Enterprise Transformation<\/h3>\n

Up to $7,000 of the total credit received may be used on enterprise transformation. Companies that have received partial funding through the Productivity Solutions Grant<\/a>, Enterprise Development Grant<\/a>, and\/or Market Readiness Assistance, can further claim to use SFEC to cover up to 90% of the remaining balance.<\/p>\n

Case Example<\/strong><\/p>\n

Company XYZ received PSG grant approval to implement the Xero Cloud Accounting Solution<\/a>. The Xero Cloud package costs $5,527, of which the company will get 80% funding from the PSG grant<\/a>. To fund the remaining package cost, Company XYZ may further claim SFEC credit to defray up to 90% of the unfunded cost. Finally, with funds from both PSG and SFEC, Company XYZ needs to pay only $110.54 for a digital solution worth over $5,500!<\/p>\n

Xero Cloud Package Price $ 5,527.00
\nLess: 80% funding from PSG $ 4,421.60
\nUnfunded Balance $ 1,105.40
\nLess: 90% of unfunded balance covered by SFEC $ 994.86
\nTotal payable balance $ 110.54<\/p>\n

Please note that companies can further claim an additional $200<\/strong> if the E-Invoice Registration Subsidy<\/a> is applicable. This way, the full cost of the digital solution can be waived.<\/p>\n

Workforce Transformation<\/h3>\n

Businesses can use up the full $10,000 credit amount on workforce transformation. Companies with employees who have received training through the Skills Framework-Aligned Courses<\/a>, Professional Conversion Programme<\/a>, and\/or Place-and-Train Programme<\/a> can apply for SFEC to cover up to 90% of the remaining course fees.<\/p>\n

Case Example<\/strong><\/p>\n

An employee of Company ABC was sent for a 2-day Digital Marketing Skills Framework-Aligned course. The course fee was $480. A $25 funding was provided for each training hour under the Skills Development funding. To cover up to 90% of the remaining expense, Company ABC can still claim SFEC credit. Finally, the Company ABC will only have to incur a negligible cost of $8 for every employee they send for this training.<\/p>\n

Course Fee for 2-day Course $ 480.00
\nLess: Skills Development Funding ($25\/ hour for 16 hours) $ 400.00
\nUnfunded Balance $ 80.00
\nLess: 90% Funding From SFEC $ 72.00
\nTotal Payable Balance $ 8.00<\/p>\n

 <\/p>\n

Who is Eligible for the SFEC Credit?<\/h2>\n

Application for the SFEC credit will close by 31 March 2021<\/strong>. Companies are required to meet 3 conditions in order to qualify for the SFEC. They are:<\/p>\n