SINGAPORE: From May 1, small and medium enterprises (SMEs) can tap funding to outsource their human resource functions.
Enterprise development agency SPRING Singapore will fund up to 70 per cent of qualifying costs incurred by firms in outsourcing the functions, announced Minister of State for Trade and Industry Teo Ser Luck on Wednesday (Apr 22). He was speaking at an employee management conference held at the Singapore Expo.
The funding will help defray a one-time set up cost in outsourcing, and up to a year’s worth of subscription fees.
SPRING has appointed 11 human resource service providers for companies to outsource staff administration tasks to.
Under this shared services initiative, first revealed in Budget 2015, firms can engage the service providers to perform tasks like payroll processing and employee data administration.
Smaller firms which lack the resources to do staff management tasks will stand to benefit the most from this initiative.
Application for the scheme will be open till Apr 30, 2016.
news source & image credits: channelnewsasia.com