With the enhanced Productivity Solutions Grant (PSG) which takes effect on 1 July 2019, companies can receive more support to transform their workforce. This was announced at the launch of SkillsFuture Festival today by Senior Minister of State, Ministry of Education & Ministry of Trade and Industry, Mr Chee Hong Tat.
Supporting companies to invest further in training
The enhanced PSG, which now includes a new training grant component, was first announced at Budget 2019. The grant will help companies, especially Small and Medium Enterprises (SMEs), to upskill their workforce, in tandem with their efforts to enhance business processes and improve productivity.
From 1 Jul 2019 till 31 Mar 2023, companies applying for the PSG can apply for a PSG SkillsFuture Training Subsidy [PSG(SFTS)] at the same time. Companies which had their PSG applications approved earlier, are also eligible to apply for the PSG (SFTS).
As part of the application, companies will need to submit their training plans via the Business Grants Portal, for evaluation and approval by SkillsFuture Singapore (SSG). Eligible companies can use the PSG (SFTS), which is capped at $10,000 per company, to offset up to 70% of out-of-pocket training expenses incurred. The PSG(SFTS) can be used on top of existing government training subsidies, where applicable.
Companies can choose from a list of more than 2,000 approved courses that are aligned with the Skills Frameworks developed by SSG, together with employers, industry partners, trade associations and chambers, unions and lead agencies. As a quick guide to help companies easily identify suitable training courses, SSG has curated a list of suggested training programmes for more than 20 sectors, aligned to the Skills Frameworks. This will help companies better identify courses relevant to their training needs. Refer to Annex A for more information on the PSG (SFTS).
Work with intermediaries to uplift SMEs
In addition, SSG is working closely with intermediaries to drive the adoption of SkillsFuture initiatives and training amongst SMEs.
Specifically, such partnerships will involve:
a) Co-creation of training curricula or work-learn programmes to impart cutting-edge knowledge and skills to the broader industry sectors.
b) Co-creation of workplace learning and skills solutions to address the challenges of the SMEs in their value chains and improve their capabilities and service delivery.
c) Co-development of customised skills solutions that have significant reach and influence to address the aggregated skills and training needs of companies within their networks.
Through these collaborations, SSG hopes to pool industry resources and develop scalable, relevant solutions that will uplift the capability and competitiveness of SMEs. SSG will continue to expand the network of intermediaries. Refer to Annex B for examples of intermediaries.