Singapore increases funding and eligibility for workforce reskilling initiatives
Starting April 1, 2024, employers in Singapore will receive higher salary support and expanded eligibility under the Career Conversion Programme (CCP) to encourage hiring and reskilling of mid-career workers, announced Manpower Minister Tan See Leng during the Budget 2024 debate.
Key Changes to CCP Salary Support
Higher Salary Support Caps:
For mature workers (aged 40 and above) and long-term unemployed individuals (six months or more), monthly salary support will increase from S$6,000 to S$7,500, meaning up to S$45,000 for a six-month training period.
For other CCP participants, the monthly cap will rise from S$4,000 to S$5,000, with funding covering up to 70% of salaries.
Expanded Reskilling Eligibility:
Previously, CCPs only applied to workers in roles at risk of redundancy.
From April 1, the programme will also support companies reskilling employees for new growth job roles identified in Industry and Jobs Transformation Maps.
Encouraging Workforce Development
Administered by Workforce Singapore, the CCPs co-fund employer costs for reskilling new hires and existing employees, ensuring a smoother transition into evolving industries. With these enhancements, Singapore aims to future-proof its workforce while supporting businesses in an increasingly dynamic economy.
