Productivity schemes still boggle majority of local firms: report

A widespread lack of understanding hinders these initiatives.

Local firms are unable to maximize the government’s productivity schemes because of a lack of awareness and understanding, a survey by the Institute of Singapore Chartered Accountants (ISCA) revealed today.

The survey showed that among the top three challenges in utilising productivity schemes is the lack of awareness and understanding, which was cited by 59% of firms.

This was followed by restrictive terms and conditions which was named by 55% of businesses, followed by failure in meeting eligibility criteria, which was pinpointed by 47% of respondents.

On the bright side, there is a high level of awareness of schemes in raising productivity among respondents, with more than 75% of respondents indicating that they are aware of each scheme. With the exception of the SME Enhanced Training Support scheme, the level of awareness of each scheme is higher this year, compared to last year’s survey.