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What is the SFEC Expansion 2022?In Budget 2022, the coverage of SFEC was expanded through a one-off adjustment to the eligibility criteria. For the expansion, the requirement of a minimum employer contribution to Skills Development Levy (SDL) over the qualifying period was removed, thus allowing more employers to benefit from the $10,000 SFEC per firm*. In addition, the deadline to claim the credit for all employers (including those which were qualified previously) will be extended from 30 June 2023 to 30 June 2024. *For the earlier qualifying periods, employers had to fulfill a requirement of contributing at least $750 in SDL over a qualifying period.
Who will qualify under the SFEC Expansion?There is one qualifying period for the SFEC Expansion, which is 1 January 2021 - 31 December 2021. Employers must meet the following conditions over the qualifying period: A. Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the qualifying period; and B. Have not been previously qualified for SFEC; and C. Are not in default of their SDL contributions during the qualifying period and do not have an inactive ACRA status during the qualification process.
Why is there a $7,000 cap on SFEC utilisation for Enterprise Transformation programmes?To encourage employers to embark on both enterprise and workforce transformation programmes in tandem, $3,000 of SFEC was ringfenced for workforce transformation programmes only
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