Finance & Compliance

Use the Productivity Solutions Grant (PSG) to Streamline HR Processes

Katie Ash

Jan 25, 2021

Swingvy is an IMDA approved digital solution provider for the Productivity Solutions Grant (PSG). Eligible SMEs can receive up to 80% funding support when they choose Swingvy to manage their HR processes.
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What is the Productivity Solutions Grant (PSG)?


The Productivity Solutions Grant (PSG) supports businesses in the adoption of IT solutions or equipment that improve productivity.

The grant supports sector-specific solutions as well as solutions which benefit all industries. Solutions are pre-scoped by government agencies, including Enterprise Singapore, the National Environmental Agency (NEA) and the Singapore Tourism Board (STM).

This year, PSG was enhanced to encourage the digitisation of small business, to counter the effects of restrictions due to COVID-19. As part of the Supplementary Budget 2020, funding in the PSG was raised to 80%, effective from 1 April 2020 to 30 September 2021.



Who is Eligible for the Productivity Solutions Grant?


If you fit the following eligibility criteria, you can get up to 80% off the qualifying costs of using Swingvy covered by the PSG grant.


Eligibility:

  • Business is registered and operating in Singapore
  • Purchase/subscription of the Swingvy platform must be used in Singapore
  • Have a minimum of 30% local shareholding; with Company’s Group annual sales turnover less than S$100 million, OR less than 200 employers


What does Swingvy offer with PSG?


Swingvy allows you to:

  • Keep all of your people data in one place
  • Automate payroll and CPF contributions
  • Purchase, manage and renew employee insurance inside your HR platform
  • Submit and approve leave requests in seconds
  • Integrate expense claims with payroll in one system
  • Get things done on the go with Swingvy mobile app

Use the Productivity Solutions Grant to get full access to Swingvy platform (premium and payroll) for a year. The PSG grant will fund up to 80% of the cost of using the Swingvy platform.

To find out more about getting PSG funding, and for a quote of Swingvy for your business, request a demo.

Request a Demo Here

How do I apply for PSG?

  • Identify approved solution providers. Swingvy is a pre-approved vendor of the PSG Grant.
  • Get a quotation from the pre-approved vendor. Request a demo of Swingvy to get a quote that suits your business needs.
  • Submit an application on the Business Grants Portal (BGP).

For more information on the Productivity Solutions Grant, check out the FAQs here.

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What other grants are available for SMEs?

Download our guide to financial assistance available to Singapore SMEs:



SkillsFuture Enterprise Credit (SFEC)


The SFEC is an additional subsidy which encourages employers to invest in the upskilling of their employees, and transformation of their business. No application is required. The government will trigger a letter to companies advising of the eligibility of the credit. This includes companies who have:

  • Have contributed at least S$750 Skills Development Levy over the qualifying period
  • Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same period
  • Have not been qualified for SFEC at any of the earlier periods


Eligible employers will receive a one-off $10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs. This is in addition to other support schemes (PSG).



Digital Acceleration Grant


The MAS Financial Sector Technology and Innovation (FSTI) Digital Acceleration Grant (DAG) scheme supports small Singapore-based FinTech firms to adopt digital solutions to improve productivity. Eligible FinTech Firms may receive 80% co-funding funding of qualifying expenses for hardware and software for one year, capped at $120,000.

For more information visit: https://www.mas.gov.sg/development/fintech/digital-acceleration-grant



Digital Resilience Bonus


The digital resilience bonus (DRB) supports businesses in the F&B industry who have been especially hard hit during restrictions this year. The bonus of up to $10,000 is to uplift digital capabilities that will support business growth and efficiency. To qualify for DRB, your enterprise must be: incorporated on or before 26 May 2020 with a Food Service or Retail SSIC code and be using the digital solutions that the grant will pay for between 1 June 2020 and 30 June 2021.

For more information download the brochure: https://duifdi8i2s27p.cloudfront.net/IMDA+Digital+Resilience+Bonus+Infographic.pdf



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