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98% Grant for Opensoft HRMS Package comprising Payroll, Leave, Claims, Performance Management
By tapping the Productivity Solutions Grant (PSG) and Skills Future Enterprise Credit (SFEC), companies can claim 98% on their purchase of Opensoft HRMS package.
PSG provides 80% grant for Opensoft HRMS package. As for the remaining balance, 90% can be further funded under the SFEC scheme. Altogether, the total funding is 98% for the Opensoft HRMS package.
What is included?
Opensoft HRMS (also known as OpensoftHR) is a comprehensive package of 7 software that empower companies to automate their human resource processes:
OpensoftHR Improves Staff Retention
One of the biggest challenge for companies today is the ability to retain the best of their employees.
This is where the OpensoftHR package can totally transform your human resource operation, improve employee retention rate, enhance staff performance, and reduce operating costs associated with human resource processes.
Integrated with cloud and mobile technologies, employees can self-service on matters such as payroll, leave, claims, etc on the go.
With the performance appraisal module included in the package, companies have a tool to set up KPIs for employees and monitor their performance at real time. Employees also have access to their performance targets and progress, which would motivate them to work towards achieving their KPIs.
As of today, hundreds of companies in Singapore rely on OpensoftHR to manage their employee processes. Besides reducing overheads and improving productivity in human resource operation, OpensoftHR also helps companies to foster interactions between management and employees, leading to improvements in staff retention rate.
What is Productivity Solution Grant?
Productivity Solutions Grant (PSG) is a funding scheme to help Singapore companies adopt IT solutions to improve their business processes.
However, not every IT solution in the market qualifies for the grant. The supportable solutions must be pre-qualified by the various government agencies, meet stringent requirements, specifications and scopes before being approved for PSG grant.
Hence, IT solutions must be pre-approved for PSG grant. And OpensoftHR is a pre-approved solution under the HR Management System category.
What is SkillsFuture Enterprise Credit?
The SkillsFuture Enterprise Credit (SFEC) encourages employers to invest in enterprise transformation and capabilities of their employees. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.
To encourage employers to train and upskill their workers, S$3,000 of the credit should be used for workforce transformation programmes and employers can only use up to S$7,000 for enterprise transformation. There is no cap on the amount that can be used for workforce transformation.
Are you eligible?
SMEs can apply for PSG if they meet the following criteria:
- Registered and operating in Singapore
- Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
- Have a minimum of 30% local shareholding (for selected solutions only)
To qualify for SFEC, companies must meet the following criteria:
- Have contributed at least S$750 Skills Development Levy over the period*
- Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same period*
- Have not been qualified at any of the earlier periods*
*Qualifying Periods:
- 1 April 2019 – 31 March 2020
- 1 July 2019 – 30 June 2020
- 1 October 2019 – 30 September 2020
- 1 January 2020 – 31 December 2020
Need a Demo?
The Opensoft HRMS promises to supercharge your HR management. Contact us for a demo or if you have any questions regarding the pre-approved PSG grant.
