SkillsFuture Credit for Employers and Businesses

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.

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.