Local Singapore firms to get 'transformation' funding

Out-Law News | 11 May 2022 | 7:08 am |

Singapore’s National Trade Union Congress (NTUC) plans to give around 1,000 local firms up to S$70 million (US$50m) over the next four years for workplace “transformation” projects.

The funding has been made available to help drive up wages, welfare and work prospects for local employees post Covid-19. The S$70m grant is part of S$100m set aside by Singapore’s government to help firms implement concrete upskilling, training and transformation programmes.

Mayumi Soh of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, said: “According to the NTUC deputy secretary-general, this grant is intended to help companies to raise productivity, redesign jobs, upskill workers and improve their work prospects. Employers who are interested in these initiatives can take a look at what is on offer and consider applying for these grants.”

According to a local report, from August, NTUC's Employment and Employability Institute will process applications from eligible employers. Applicants must develop specific plans to transform their workforce, and establish company training committees (CTCs) to help implement these plans.

CTCs are made up of representatives from the firm's management and workforce. They aim to identity the skills training needed by employees to improve their skills, and to implement workforce upgrade programmes to help employees to get better jobs, better pay and better career development.

Singapore has removed most Covid-19 restrictions since 26 April, allowing all employees to return to their workplaces.