The Labor Movement under Singapore's Enterprise Development Grant (EDG) will provide financial support for unionized firms and partners starting April 1, 2020, under certain eligibility standards including training committees.
According to the Singapore Business Review, Deputy Prime Minister and Finance Minister Heng Swee Keat announced that unionized companies have the opportunity of applying for 10 percent in funding support from the Labor Movement.
While it is expected to many firms will apply, Heng explained that they have to commit to several eligibility factors. Applicants will have to establish Company Training Committees (CTCs), come up with initiatives for upskilling or reskilling workers, and develop programs that target positive employee outcomes.
Small and medium-sized enterprises (SMEs) may also be eligible for the funding program. In fact, qualified SMEs can get up to 70 percent of the coverage on costs that fall under the program's standards.
Heng noted that training is a vital part of ensuring that employees will have the capacity to help grow a company. This is the reason why training committees are required before an applying firm is deemed eligible for funding.
"All too often, workers and companies might not be clear about their skills training needs. Unions can apply their deep knowledge of the workplace and factory floor to identify the right courses, customize training, and help workers develop relevant skills for particular jobs," Heng explained.
Meanwhile, the Singaporean government has also rolled out a new Tech-celebrate for Law initiative that aims to provide funding support for law firms in the country. The program has like $3.68 million budget, the Straits Times reported.
The new law funding program was spearheaded by the Law Society of Singapore (LawSoc), the Infocomm Media Development Authority (IMDA), and the Ministry of Law (MinLaw).
Funding will largely be used for baseline technology solutions that law firms can utilize for online document and practice management, legal research through online channels, and for boosting daily tasks.
Startups have also received significant financing deals over the last few years. The city-state has been working on programs that should bolster Singaporean startups in various sectors as a means of driving the economy.
Last year, new companies secured 353 financing deals that make up a total of $10.5 billion. Enterprise Singapore (ESG) revealed that the most notable financing deals include a $2-billion investment from Grab, Friar Truck's $3.63 million, and Alchemy Foodtech's $2.5 million deal.
Helping finance businesses is one of the main priorities of the government as it seeks to achieve multiple goals within the next decade. Sectors that have received funding include technology, food and beverage, and financial technology (fintech).
