Government says new package meant to support productivity-led growth
The Singapore government has earmarked over $400 million for a new Enterprise Workforce Transformation Package (EWTP) that will support employers in transforming their businesses and workforce for productivity-led growth.
The new package, according to the Ministry of Manpower, is comprised of three key measures, with the first being the SkillsFuture Workforce Development Grant (WDG).
The WDG is the government's initiative to bring together existing schemes that were administered by Workforce Singapore (WSG) and SkillsFuture Singapore in order to offer a streamlined application process through the Business Grants Portal.
The second key measure is an increase in funding support of up to 70% from WSG for job redesign activities under the WDG.
The third key measure is the fresh $10,000 in credits that will be granted to eligible businesses under the SkillsFuture Enterprise Credit.
According to MOM, the credits can be used to offset out-of-pocket costs for eligible workforce transformation schemes.
The new EWTP is one of the major initiatives of the government to support business transformation.
MOM also announced that it will top up the Company Training Committee (CTC) Grant of the National Trades Union Congress by around $200 million and extend funding support from 2026 to 2028.
"We will also expand the grant to fund new training programmes developed by Institutes of Higher Learning, which can be customised in partnership with employers," MOM said.
"The CTC Grant will make it easier for businesses to invest in skills upgrading by subsidising course fees and absentee payroll."
The government will also launch a new Tripartite Workgroup on Human Capital Capability Development to help businesses build strong human capital capabilities.
According to the ministry, the tripartite workgroup will explore new ways to level up human capital professionals, strengthen their capabilities, and improve alignment between them and business leaders.
The Singapore government has been taking various steps to help businesses grow, including ensuring the quality of the foreign workforce by raising the S Pass minimum qualifying salary.
The government also announced major changes to its foreign workforce policies, such as lifting the cap on how long a migrant worker can stay employed.
