The world economy grows increasingly dependent on digital technology, and human capital becomes increasingly crucial for economic stimulation. The Singapore Government places high importance on education, healthcare and upgrading the skills of its local talent base. It is crucial that companies and individuals adapt and leverage the relevant government policies implemented.
The sources of support made available includes:
- SkillsFuture Credit
- SkillsFuture Grants
- SkillsFuture Study Awards
- SkillsFuture Mid-Career Enhanced Subsidy
- SkillsFuture Enterprise Credit (SFEC)
- Workfare Skills Support (WSS) Scheme
- Workfare Income Supplement
- Career Trial for Employers
- Funding for Disability Employment
- Singapore Workforce Skills Qualifications (WSQ)
- IMDA Company-Led Training Programme (CLT)
- iNnovative Learning 2020
- Professional Conversion Programmes (PCP) for Employers
SkillsFuture provides Singaporeans with lifelong opportunities to develop their potential to the fullest, regardless of their starting points. This programme encompasses a vast array of services, from career guidance, fellowships, and awards, to funding opportunities.
Aims to encourage Singaporeans to take ownership over their skills development by granting Singaporeans aged 25 and above, an opening credit of S$500 applicable to the approved skills development courses. The credits do not expire and will accumulate with periodic top ups by the government. These credits may be applied in conjunction with other grants and schemes.
With the correct application of grants, SkillsFuture can effectively enable Singaporeans to take up education for over 8,000 SG-supported courses without incurring significant out-of-pocket expenses. Furthermore, disbursements under SkillsFuture will be made directly to only training providers of SkillsFuture Singapore (SSG), eliminating administrative hassle.
SkillsFuture Study Awards
The SkillsFuture Study Awards encourage Singaporeans to develop and deepen specialist skills needed by future economic growth sectors or in areas of demand or in other competencies. This includes an expansive list across 38 sections. The Award’s benefits vary according to the particular scheme. The list of available study awards and their requirements can be found here.
SkillsFuture Mid-Career Enhanced Subsidy
Singaporeans aged 40 years old and above can receive subsidies for up to 70% of course fees. If you are above 50 years old, the subsidy can increase to up to 90%.
SkillsFuture Enterprise Credit (SFEC)
The SFEC is a one-time credit that is capped at $10,000 per company. The grant account can be used to cover up to 90% of out-of-pocket training expenses incurred by companies such as course fees, assessment fees and certification fees for courses paid by the company. It is provided on top of existing government course fee subsidies. However, it is applicable only for the pre-scoped productivity solutions.
To be eligible for SFEC, a business must:
- Meet the eligibility criteria of the individual SFEC-supportable programmes before they can draw down the credit;
- Have contributed at least S$750 Skills Development Levy over the period;
- Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same period;
- Have not been qualified at any of the earlier periods.
This is a brief overview of the Government Assistance made available for businesses and individuals, focusing mainly on SkillsFuture. Stay tuned for next week when we continue exploring government assistance for upskilling and retraining for Singapore companies, with a focus on Workfare.
At Silvester Legal, we work extensively with SMEs and start-ups to understand our clients’ needs. We want our clients to take full advantage of the opportunities available to them as they pursue their business ventures.
Disclaimer: The materials prepared here are for general information purposes only to inform you about Silvester Legal LLC, our services and related matters. The information presented is not legal advice and is not to be acted on as such.