SkillsFuture Credit for Employers and Businesses
Ministry of EducationSpeakers
Summary
This question concerns whether the Ministry will consider establishing a SkillsFuture Credit for employers and businesses to support training for employees in SMEs and startups. Minister for Education (Higher Education and Skills) Ong Ye Kung replied that SMEs already receive up to 90% course fee subsidies and absentee payroll funding under existing schemes. He highlighted that firms can also utilize SPRING’s Capability Development Grant for human capital development and the SkillsFuture SME Mentors Programme for expert guidance on training plans. Minister Ong Ye Kung explained that while the individual credit triggers a desire to upgrade, businesses are already motivated to improve by the competitive operating environment. He concluded that it is more effective to support SMEs through these targeted programmes and schemes rather than providing a general SkillsFuture Credit for businesses.
Transcript
66 Mr Patrick Tay Teck Guan asked the Minister for Education (Higher Education and Skills) whether his Ministry will consider having a SkillsFuture credit for employers and businesses for the benefit of SMEs and startups in the area of continuing education and training for their employees.
Mr Ong Ye Kung: The Government has always recognised the need to give small and medium enterprises (SMEs) additional help in building up human capital capabilities.
Hence, there are currently many training subsidies and grants available to firms. Under the Enhanced Training Support for SMEs scheme administered by SkillsFuture Singapore (SSG), SMEs receive up to 90% course fee subsidies and absentee payroll funding when they sponsor their employees for training. Firms can also tap on SSG’s training grants for inhouse training programmes.
SMEs can also tap on the Standards, Productivity and Innovation Board's (SPRING's) Capability Development Grant in Human Capital Development to develop learning processes, training roadmaps and training frameworks for their employees. Firms can also benefit from the external insight and in-depth mentorship provided by the expert mentors under SPRING's SkillsFuture SME Mentors Programme. These mentors will help to diagnose gaps in the company's learning and development initiatives, review and enhance existing training plans, as well as monitor and coach companies' supervisors or managers in their training delivery.
For individuals, SkillsFuture Credit triggers their desire to upgrade. But unlike individuals, businesses operating in a competitive environment should always be eager to improve and raise their game. It is better to support SMEs through more targeted programmes and schemes, than to provide SMEs with a SkillsFuture Credit.