Productivity Solutions Grant support level up to 50% from 1 April 2023
The Productivity Solutions Grant was announced at Budget 2018 at a maximum support level of 70% for a time-limited period. Further rounds of time-limited enhancements were introduced subsequently to encourage companies to press on with transformation despite immediate challenges such as COVID-19. As we move towards living endemically with COVID-19, the time-limited enhanced support level will expire, and the Productivity Solutions Grant will be supported at a more financially sustainable level of up to 50% from 1 April 2023.
More broadly, the Government’s support schemes focus on helping companies that are prepared to take steps to restructure their businesses and raise their productivity. These are longer-term investments, for which companies should be equally invested as the Government in building capabilities.
Nonetheless, should there be exceptionally challenging circumstances in the future, the Government will relook its support for businesses and consider re-introducing enhanced support.