S'pore companies to receive more funding support to train staff

Companies with at least three Singaporean and permanent resident employees will receive a fresh $10,000 credit as part of efforts to help employers defray out-of-pocket costs for workforce transformation.

- Sharon Salim

Prime Minister and Finance Minister Lawrence Wong said in his Budget speech on Feb 18 that some employers are not aware of the existing SkillsFuture Enterprise Credit (SFEC) scheme or how it can be used. In response to this, the scheme has been redesigned to increase its accessibility.

Operating more like an online wallet, the revamped scheme will enable companies to easily check their credits and use them to immediately offset out-of-pocket costs for eligible workforce transformation initiatives and courses without waiting for reimbursement.

The validity of the SFEC scheme, which was announced in Budget 2020, has been extended till the new credit is ready. The redesigned SFEC will be made available from the second half of 2026, lasting for three years.

A new SkillsFuture Workforce Development Grant was also announced to provide higher funding support of up to 70 per cent for job redesign activities.

Highlighting short-term cost pressures as a difficulty faced by companies, PM Wong said the new grant aims to pull together existing schemes by Workforce Singapore and SkillsFuture Singapore, and simplify the application process.