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Various Government Initiatives + Training Budget (Types of government…
Various Government Initiatives + Training Budget
Importance of leveraging on government initiatives
To acquire free funding from the government
To receive validation
Get funded without selling equity to shareholders
Who is eligible to leverage on government initiatives?
Individuals
Employers
Training Providers
Types of government initiatives available for training programs in a company
Enhanced Training Support for SMEs
What is it?
Higher Course Fee Grant
SMEs enjoy SkillsFuture Funding of up to 90% of the course fees when they sponsor their employees to attend courses supported by SkillsFuture Singapore (SSG)
Enhanced Absentee Payroll (AP) Funding
SMEs may claim AP funding of 80% of basic hourly salary at a higher cap of $7.50 per hour, an increase over the normal cap of $4.50 per hour
Who is eligible?
SMEs that meet the eligibility criteria
Registered or incorporated in Singapore
At least 30% local shareholding by Singapore Citizens or Singapore Permanent Residents
Employment size of not more than 200 (at group level) or with annual sales turnover (at group level) of not more than $100 million
Trainees must be hired in accordance with the Employment Act and fully sponsored by their employers for the course
Trainees must be Singapore Citizens or Singapore Permanent Residents
What does it cover?
CET Centre courses and CET courses offered by the Autonomous Universities, Polytechnics and ITE
Certifiable courses
In-house certifiable training
Absentee Payroll funding
How to apply?
Submit applications and claims through the online SkillsConnect platform at www.skillsconnect.gov.sg
Workfare Training Support (WTS) Scheme
What is it?
Complements the WIS scheme by helping older lower-wage workers upgrade their skills through training
Helps these workers become more employable and give them the chance to earn more
How does it work?
Subsidised course fees
Employers
The Enhanced Grant provides a 95% course fee subsidy & 95% absentee payroll funding if eligible workers are sent for training
Employees
A self-sponsored Singaporean who takes up training can enjoy a similar 95% course fee subsidy and a training allowance
Training Commitment Award
$400 a year for trainees who have completed the required training modules
Who is eligible?
Singapore Citizens
Aged 35 years and above (13 years and above for Persons With Disabilities)
Earn an average gross monthly income of not more than $2,000 for the months worked
How to apply?
Course Fee Funding
Benefit from up to 95% course fee funding when they sign up for any course approved for WTS funding
Singapore Workforce Skills Qualifications (WSQ) courses
Approved Academic Continuing Education and Training (CET) courses offered by the Institute of Technical Education (ITE) and 5 local Polytechnics
Certifiable Skills Training Courses accredited or supported by SkillsFuture Singapore (SSG)
Training Allowance
Can claim $4.50 per hour if training is relevant to job
Complete and pass the course (minimum 75% attendance)
Show that the training is relevant to his/her’s job
Have paid for his/her own training
Not be barred from receiving SkillsFuture Singapore (SSG) / Workforce Singapore (WSG) / Employment and Employability Institute (e2i) grants
SkillsFuture Mid Career Enhanced Subsidy
What is it?
Supports & encourages lifelong learning & helps Singaporeans stay responsive to a changing workplace
Encourages mid-career Singaporeans to upskill and reskill
Who is eligible?
Singaporeans aged 40 years old and above
How will one benefit?/How does it work?
Eligible individuals will receive higher subsidies of up to 90% of course fees for over 8,000 SSG-supported courses and at least 90% of programme cost for MOE-subsidised full-time and part-time courses ranging from Nitec to postgraduate level in the following institutions for course semesters
Enterprise Training Support System
What is it?
To implement progressive human resource (HR) systems and enhance in-house training infrastructure, capabilities and skills levels for all levels of the workforce
Raise workers’ productivity and skills level as part of economic restructuring
Create more hiring and competitive opportunities for Singaporeans through good HR development, management systems and practices
Benchmark compensation and benefits to market rates for local talent attraction and retention
Types of Enterprise Training Support System
1. Training Grant
Forms the core of the ETS scheme
Supports the cost of non-WSQ training and structured OJT, with bundled WSQ training forming at least 30% of an enterprise training plan
2. Capability Development Grant
Helps both SMEs and non-SMEs build their in-house capabilities in the areas of training delivery and infrastructure
3. Curriculum Contextualisation and Alignment Grant
Helps companies to defray costs in developing Singapore Workforce Skills Qualifications (WSQ) training modules, both in terms of content and training delivery
Supports development of the On-the-Job (OJT) blueprints
4. HR Development Grant
Develop a system to administer and monitor a holistic training plan which would include identifying skills needed of the workforce and developing training pathways
Integrate WSQ into their training plans and HR policy
Enhance existing or develop new learning and develop systems
Develop career progression pathways; tied to the training roadmap
5. Compensation and Benefit System Review Grant
Helps companies to defray costs of engaging consultancy agencies to conduct enterprise-wide industry salary benchmark reviews and restructuring of wages, to attract local talent and retain them in a tight labour market
Who is eligible?
Companies registered or incorporated in Singapore
New companies
Companies who have tapped on earlier SSG schemes
What does it cover?
Up to $200,000 per company
Training Budget
Definition
Financial plan and a list of all planned expenses and revenues set at the beginning of every financial year by the HR and Finance department. It usually affects the type and duration of the program conducted.
Importance
Forecasting
Planning
Monitoring
Flexibility
Components
Training Costs
Fixed
Variable
Direct
Indirect
Return on Investment
Extra Costs to Consider
Ways to Reduce Costs
Group training
Re-use materials
Mentorship program
E-learning