Singapore Furniture to ramp up support to businesses, employees

This came following Finance Minister Wong’s call for businesses to upgrade.

The Singapore Furniture Industries Council (SFIC) committed to double its efforts to support businesses and employees amidst the “uneven” global economic outlook, with a focus on building capacity and skills.

This came after Singapore’s Finance Minister Lawrence Wong called on employers and workers to upgrade business and invest in innovation and training.

In a statement, the SFIC said they will prioritise capacity and skills building in the areas of internationalisation, innovation, digitalisation, productivity and sustainability.

READ MORE: Budget 2023 to empower business transformation: SBF

SFIC President Phua Boon Huat said they will work closely with the government and related stakeholders on initiatives such as its Career Conversion Programme and the Job Development Programme. It will also participate in the new Job Skill Integrator scheme.

“We firmly believe that a constant review of jobs and skills training will translate to better employment outcomes and higher-earning prospects for our furniture businesses and employees,” the president said. 

The council also welcomed the Enterprise Innovation Scheme which provides businesses with tax deductions of up to 400% capped at $40,000, as well as the collaboration with polytechnics and the Institute of Technical Education with a $50,000 cap for each activity.

It urged the government’s support to consider an enhanced digital grant that is similar to the up to 80% support provided during the pandemic to aid companies in their sustainability journey.