The merged EDG represents a "significant change" in how the government approaches enterprise transformation, says Dr Koh.BUSINESSES are wary about a new condition announced in Parliament on Monday that requires firms to commit to the"fulfilment of worker outcomes" such as wage increases if they receive funding support from the Enterprise Development Grant (EDG) starting April 1, 2020.
The EDG, which is run by Enterprise Singapore (ESG), was first introduced in Budget 2018 to support businesses to undertake projects to upgrade, innovate or venture overseas. Under the IGP, companies receive help to kick-start productivity projects, and in turn, they are required to share the productivity gains with workers through higher wages.
But he pointed out that many of these worker outcomes are long-term fixed costs while the returns of investment from grants are not so certain. "It seems like it will be a lot more onerous . . . If they make it very difficult, it will deter us from expanding further or moving in a certain direction," she said.
The EFS, to be launched in October 2019, streamlines eight financing schemes under one single umbrella to make it simpler for firms to access funding. More tailored support will also be provided to nurture high-growth enterprises, in the form of the Scale-up SG programme, first introduced in the 2019 Budget statement.
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