SINGAPORE: In a bold move to accelerate business transformation and workforce productivity, the Singapore government has announced a significant investment of over S$400 million in the new Enterprise Workforce Transformation Package (EWTP).
According to the latest HRD Asia report, this initiative aims to support businesses to improve productivity and remain competitive in an evolving economy.
The Ministry of Manpower (MOM) revealed that the EWTP will be rolled out through three key measures designed to help employers upskill their workforce and redesign jobs for greater efficiency: the “SkillsFuture Workforce Development Grant (WDG),” an increase in Workforce Singapore’s (WSG) funding support, and S$10,000 credit for businesses under the SkillsFuture Enterprise Credit.
Streamlined support for workforce development
One of the cornerstones of the new EWTP is the SkillsFuture WDG, an initiative designed to simplify the application process for businesses looking to invest in workforce transformation. By consolidating several existing schemes previously managed by WSG and SkillsFuture Singapore, the WDG will provide a more seamless experience through the Business Grants Portal.
Additionally, businesses will benefit from increased funding support of up to 70% for job redesign activities under the WDG. This enhanced financial assistance is set to encourage businesses to reimagine roles and responsibilities within their teams to foster greater efficiency and productivity.
To further empower businesses, the government is introducing a S$10,000 credit under the SkillsFuture Enterprise Credit. This credit will be available to eligible businesses and can be used to offset costs associated with workforce transformation initiatives. The move reflects the government’s ongoing commitment to investing in the future of Singapore’s workforce.
Expanding training and human capital development
The EWTP also includes significant enhancements to the Company Training Committee (CTC) Grant, which will receive a S$200 million top-up. The funding, extended until 2028, will make it easier for businesses to access subsidies for skills upgrading, including course fees and absentee payroll costs. In a further bid to tailor workforce development, MOM will expand the CTC Grant to support the creation of new training programs developed in partnership with Institutes of Higher Learning, providing businesses with more flexible and customized options.
In addition to financial support, the government will establish a new Tripartite Workgroup on Human Capital Capability Development. This collaborative initiative aims to strengthen the capabilities of human capital professionals, ensuring that they are better aligned with the needs of business leaders and equipped to drive meaningful organizational change.
These new initiatives come alongside broader policy changes to support business growth, including enhancements to Singapore’s foreign workforce policies and adjustments to the S-PaSS minimum qualifying salary, reflecting the government’s holistic approach to strengthening both the local and foreign workforce.
Through the EWTP and related measures, the Singapore government continues to demonstrate its commitment to creating a thriving, innovative business environment that fosters growth and productivity.