Yes, SkillsFuture Singapore (SSG) does indeed offer funding for training programmes to support workforce development in SMEs. But of course, not everyone can just walk in and claim the funds. There are a few obvious reasons for tightening up on SkillsFuture Grant claims.
Regardless of the size of the fund however, it must obviously be managed well if we are to achieve the country’s aim of up-skilling and upgrading our workforce. There are clear rules and regulations in place to ensure that the ‘limited pieces of the pie’ is allotted to those who truly need it and goes exactly where it’s needed.
Here are 10 criterion:
Registered and Operating in Singapore
Firstly, if you want to get SSG funding, your SME has to be incorporated in Singapore. This is to make sure that only legitimate businesses get the funding and to monitor how the training programmes impact our local economy.
Minimum of 30% Local Shareholding
Another key requirement is that SMEs need to have at least 30% local shareholding. It’s all about keeping it local and making sure that the people who live here benefit from the businesses that operate here.
Annual Sales Turnover Not Exceeding S$100 million or Employment Size Not Exceeding 200 Workers
The aim of the grant is to support smaller enterprises. So if your annual sales turnover is more than S$100 million or you have more than 200 workers, unfortunately, you won’t be eligible for SSG funding. This ensures that funding is directed towards SMEs that really need it and helps level the playing field.
Offering Eligible Employment in Relevant Sectors
To get SSG funding, SMEs have to offer jobs in sectors that are relevant to the training programmes. This ensures that the skills people learn are relevant to the needs and demands of the industry.
Financial Viability and Ability to Fulfil Training Requirements
SMEs need to be financially viable and able to fulfil the training requirements. This ensures that SMEs can sustain the training programmes and maximise the benefits derived from them.
Good Track Record of Compliance with Regulatory Requirements
Having a good track record of compliance with regulatory requirements is also a must. It shows that SMEs are committed to ethical conduct and legal compliance, which instills trust among stakeholders.
Commitment to Employee Development
A commitment to employee development is also key. The SMEs must understand the importance of investing in their employees and nurturing their growth.
Having Eligible Trainees for Training Programs
Workers who are Singaporean citizens or Permanent Residents are eligible to attend workshops funded by the SkillsFuture Singapore (SSG). However, individuals holding work permits, S Passes, or other types of work passes generally do not qualify for these SSG-funded workshops, as the grants are primarily aimed at enhancing the skills of local employees.
Furthermore, part-time staff, interns, and foreign workers may also be excluded from participation based on the eligibility criteria established by SkillsFuture Singapore. This criteria ensures that the programmes cater to individuals who stand to benefit the most from the skills they acquire.
Approval and Accreditation of Training Programs by SSG
The training programmes also need to be approved and accredited by SSG. This ensures that the programmes meet quality standards and are relevant to the industry. Click here to find out What is an Approved and/or Accredited Training Provider?
Meeting Specific Eligibility Criteria for Each Training Program
Finally, each training programme has its own specific eligibility criteria. This ensures that the programmes cater to unique objectives and priorities.
Understanding and navigating these eligibility criteria is crucial for SMEs that want to access SSG funded training programmes in Singapore.
