SINGAPORE - Older professionals moving into a new industry will have their salaries almost fully-funded while they undergo training, said Senior Minister of State for Manpower and Health Amy Khor on Friday.
Under enhancements to the Singapore Workforce Development Agency's funding support for its professional conversion programmes, companies that hire and train these workers will now have their salaries funded up to 90 per cent or $4,000, up from 70 per cent or $2,000.
The enhanced funding applies to professionals, managers and executives (PMEs) aged 40 and above, or who have been jobless for more than six months, as the Government recognises the growing number of people making mid-career switches.
"These are the more vulnerable group to redundancy and increased difficulty in getting a job once they are displaced," said Dr Khor.
"We hope to encourage and incentivise our employers to offer more places so that PMEs improve their access to these jobs."
She was speaking to reporters at the Lifelong Learning Institute in Paya Lebar where she also launched a career resource portal (www.CareerResource.sg) to help PMEs find upgrading courses and plan their careers.
Dr Khor said that with the enhanced funding, some 8,000 PMEs should be able to benefit from the professional conversion programmes over the next six years.
Citizens and permanent residents in PME jobs currently number 638,500, making up a third of the resident labour force.