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Various Government Initiatives + Training Budget (Creating and managing a…
Various Government Initiatives + Training Budget
Types of Government Initiatives available
Workforce Training Support (WTS) Scheme
What does the scheme cover?
Employers can benefit up to 95% course fee subsidy and absentee payroll funding
All WSQ courses are supported under WTS scheme
Part-time ITE Skills Certificate, Part-time NITEC and Part-time Higher NITEC courses offered by the Institute of Technical Education (ITE)
Part-time Diploma, Advanced Diploma, Specialist Diploma and Diploma (Conversion) programmes offered by the five local Polytechnics
Who can apply?
Employees will qualify if they meet the following criteria:
Be a Singapore Citizen
Aged 35 years and above (13 years and above for persons with Disabilities)
Earning an average gross monthly income of not more than $2,000 for the months worked
Enhanced Training Support for SMEs (ETSS)
What does it cover?
Who can apply?
Registered or incorporated in SIngapore
Trainees must be hired in accordance with the Employment Act and fully sponsored by the employer
Employment size of not more than 200 or annual sales turnover of not more than $100 million
Trainees must be Singapore Citizens or Singapore Permanent Resident
Minimum 30% local shareholding by Singapore Citizens or Singapore Permanent Residents
Offers additional support for SMEs including:
Higher Course Fee Grant up to 90% off the course fees when employees are sponsored to attend courses by SSG
Enhanced Absentee Payroll Funding up to 80% off basic salary
Singapore Workforce Skills Qualifications (WSQ)
Key features
Relevant
Accessible
Progression
Authority
Benefits
Individuals
Upgrade skills and have career advancements
Achieve qualifications and certifications for skills gained
Obtain portable credentials to improve employability
Certify skills and competencies against industry work standards
Employers
Guide performance management
Strengthen in-house training capabilities
Able to guide trainings and development planning
Facilitate recruitment of competent staff who are certified
Training Provider
Develop and deliver clear training programmes and outcomes
Recognition as an approved training provider of WSQ
Creating and managing a training budget
Determine delivery options
Depending on which is required and most efficient
Compile data of employees from their training programmes
Helps to minimise duplication and waste
Reduce time required to prepare budget and forecasts
Uncover costs of doing the business
Determine costs and outcomes of the required training programmes
Using combination of courses and identifying costs optimises budget and resources
Align trainings with organisational objectives
Train employees based on organisation requirement
Focus on 'need to have' than 'nice to have'
Training needs assessment
Identify employees' training needs
Know of the required budget size
Importance of a training budget
Alignment with strategic goals
Ensures different groups of employees will get their required training programmes
Readiness for employers and employees
Be more prepared and quick to provide employees with the necessary trainings
Forecast future plans
Spot trends and implement actions to provide better trainings
Flexibility
Monitor expenses
Identify how trainings are utilised and if costs are in line with budget